anyone got any ideas about the block trades that went through today?

website: http://www.sterlingenergyplc.com/



weather: www.nhc.noaa.gov/refresh/graphics_at4+shtml/084938.shtml?50wind120

Hi all

Woodside announce mid week should get more clarification. But all indications still are no effect to Ching or Sterling.

http://www.rigzone.com/news/article.asp?a_id=29364

Regards

Dr Square,

Many thanks.

Andy,

Thanks for Woodside info, every confidence that market will wake up to this one and have added (again!) to my SEY holding today.

Ray A?

Rayrac?

Andy to pick up on your point about the North Sea, if my memory serves me right.
They have a minute royalties in 2 N/S Blocks.
Doing a countdown, 14 days left to 1st Production?
cyril

I find it most encouraging that they've just brought on board (today's RNS) a highly qualified City man, apparently just to look after all the cash that will flow from Chinguetti!!

no doubt he will be his own first port of call - lol!

niceonecyril,

Yes you are correct, from the SEY website;

------------------------------------
Other Interests

Location: Onshore UK, Netherlands and Canada

Sterling holds minor equity and royalty interests in various other countries. PEDL 071 is onshore UK (near Caythorpe) where Sterling holds a 10% equity. Donkerbroek is onshore the Netherlands where Sterling holds a 10% equity. A range of small equities and overriding royalty interests are held by Sterling onshore in Canada and USA.

------------------------------------

At the AGM they mentioned they were intending to dispose of the remaining UK and European interests.

I guess they are either still awaiting a deal, or have changed their minds.

Personally I would like to see them expand into the N.Sea, to diversify the political risk, but they have a good portfolio in Africa spread over several countries.

Been in the company 5 minutes and he can see the value.

Sterling Energy plc ("the Company")

Director's Share Purchase


The Company has been informed that Chris Callaway, who was appointed as a
non-executive director of the Company this morning, has today purchased 100,000
ordinary shares of 1p each in the Company ("Ordinary Shares") at a price of
23.25p per Ordinary Share, representing less than 0.01% of the issued share
capital. This represents Mr Callaway's beneficial holding of Ordinary Shares.

regards

He paid full price too!!

Forum aquisition in the Philippines!


http://www.ukdistribute.com/links/2006-02Basic.pdf

Well.

It's Chinguetti Eve, and not a sound was there to be heard................

Poo Bear

Novice dave just posted an article kick off delayed?? AD-VN

regards

poo,

Yes it's delayed, no great surprise really, something always goes wrong somewhere, in technical projects, and SEY and Woodside always said end of February, whereas Hardman possibly raised false expectations by saying mid February.

This may knock a tad off the price tomorrow, but only short term IMO.

-------------------------------



Feb. 16, 2006, 8:48AM
Mauritania Sets Up State Account for Oil


By AHMED MOHAMMED Associated Press Writer
2006 The Associated Press

NOUAKCHOTT, Mauritania Mauritania will set up a special state bank account to manage all oil revenues in the West African country in a bid to avert corruption and ensure transparency in the oil sector, a government spokesman said Thursday.

The desert nation is expected to begin pumping oil for the first time later month at an offshore platform that authorities hope will produce 75,000 barrels daily.

Communications Minister Cheikh Ould Ebbe told reporters the decision to set up the state account was made during a Cabinet meeting Wednesday night.

"These account will store all oil income of the state, such as resources generated by ... oil production, as well as royalties, taxes and other oil receipts," Ebbe said.

All state oil income must be deposited in the account and pledged the money "will be used exclusively for the state budget," Ebbe said.

Other African nations like Sao Tome and Principe, which has yet to start producing oil, have set up similar accounts to manage oil funds.

Last month, the World Bank suspended US$124 million (euro103 million) in loans to Chad after Chad's parliament passed legislation making major changes to a 1999 World Bank agreement on the allocations of oil revenue, including abolishing a fund set aside to fight poverty in the country after oil wells ran dry.

The World Bank suspension automatically froze Chad's ability to transfer oil revenues that have been deposited at the London branch of Citibank.

In Mauritania, oil production was due to start Feb. 17 but government officials say it has been delayed and is expected to begin by the end of the month at the offshore Chinguetti oil field, located 65 kilometers (40 miles) west of the capital, Nouakchott.

The offshore field is operated by Woodside Energy of Australia. Mauritanian officials say production is expected average about 75,000 barrels of oil a day for nine years.

The oil was expected to bring a vital source of income to the Arab-dominated desert nation, whose 2.7 million inhabitants live on less than US$1 (or euro1) a day.

Junta leader Ely Ould Mohamed Vall has ruled Mauritania since toppling President Maaouya Sid'Ahmed Ould Taya in a popular bloodless coup in August.

No problem really.

Hammer to crack a nut?

11 days left, thats 8 trading days before they turn on the taps
cyril

Thats the way..........

That means they can time it for the usual Tuesday update from Hardman.

Looks like better news form Mauritania!

Plaudits to poster car973 'over the road'

-----------------------------


"Mauritania ready to pump first oil
Email Print Normal font Large font February 20, 2006 - 7:34AM

Mauritania will produce its first oil by the end of this week and hopes to pump 300,000 barrels per day within three to four years, a senior state oil executive said.

Production should begin at the offshore Chinguetti field, operated by Australia's Woodside Petroleum Ltd, on Wednesday although last minute technical glitches could push the start-up back a couple of days.

"The 24th (of February) is the deadline," Ismail Abdel Vetah, director of operations for national oil company SMH, told Reuters in an interview in the capital, Nouakchott.

"There are a few last-minute technical issues on some well-heads, some seals which have leaked, but they are small problems," he said.

The Chinguetti project, one of five oil discoveries made off Mauritania's shores since 2001, will make the Islamic Republic Africa's newest oil producer and is forecast to yield 75,000 barrels per day.

Australia's Hardman Resources Ltd, one of the partners in the Chinguetti project, has said production from the field - thought to contain up to 120 million barrels of oil - will reach peak rates in April.

But preparations for the start of production have been overshadowed by a dispute with Woodside over amendments to production sharing contracts signed by a former oil minister, now in prison on fraud charges.

Mauritania, whose military rulers took power in a bloodless coup six months ago, says the changes were illegal and will reduce the share of the state in oil revenue.

Abdel Vetah said the amendments will cost Mauritania $US1 billion ($A1.35 billion) over the next 10 years if they are not annulled. He said the two sides have three months to resolve the dispute or else it will go to the International Chamber of Commerce.

"Mauritania has lived all of its life without petrol - we can hold out to have all our rights," he said. "We are patient but intransigent."

Woodside says it believes the amendments, approved by the previous Mauritanian government and passed into law in 2005, are valid and binding on all parties.

Abdel Vetah said Mauritania should be producing 300,000 barrels per day in three to four years, once three other fields in the same basin - Walata (formerly known as Tiof), Tevet and Labeidna - come on line.

"Walata is the most advanced. There are 300 million barrels of recoverable oil, so almost three times as much as Chinguetti," Abdel Vetah said.

"But it's a field with a very complicated geology. Woodside wants to drill one or two more wells to better understand how it behaves before embarking on a production plan."

Initial drilling suggested Tevet held 60 million to 70 million barrels of recoverable oil while Labeidna held around 60 million. A fourth field, Banda, was thought to contain about 50 million barrels, Abdel Vetah said.

Mauritania, a barren country straddling black and Arab Africa, is hoping oil finds under its eastern desert will catapult it into the major league of crude producers.

"Currently Mauritania has oil reserves estimated at around 600 million barrels, all offshore. Offshore there are not going to be any mammoth finds," Abdel Vetah said.

"What will make Mauritania a major oil producer is the Taoudeni basin."

Six oil companies, including France's Total, Spain's Repsol, and China's state-owned CNPC, have signed contracts for Taoudeni, a vast onshore basin roughly the size of France that stretches into neighbouring Mali.

"By 2007 the Chinese plan to have wells in this zone. They'll probably be the first," Abdel Vetah said.

He said Mauritania also had two trillion cubic feet of proven natural gas reserves, but that the amount was not sufficient to warrant commercial exploitation in liquefied natural gas form."

http://www.theage.com.au/news/Business/Mauritania-ready-to-pump-first-oil/2006/02/20/1140283971847.html

great post. thx Andy

prop,

Pleasure.

Absolutely amazed to see SEY down this morning!

There have been a couple of 1 million sells, but with production imminent, I cannot understand why anyone is selling.

Another week or so and the price will surely be 25p?

Value will out in the end.