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

SWW,

In fact, 86 million shares changed hands after 15:00 yesterday, all buys!

Here's the ASX announcement form Woodside.
------------------------------------------------

SX ANNOUNCEMENT
(ASX: WPL)
FRIDAY , 24 FEBRUARY 2006
6:30 PM (GMT)

CHINGUETTI PROJECT PRODUCES FIRST OIL

Production has begun from the Woodside-operated Chinguetti oil project in Mauritania, West Africa.

The hook-up, testing and commissioning of the floating production storage and offloading facility, Berge Helene about 90km south-west of the capital Nouakchott has been completed and over the coming weeks production is expected to increase steadily. The project has a maximum production rate of about 75,000 barrels per day.

Chinguetti, which is operated by Woodside Mauritania Pty. Ltd., a wholly owned subsidiary of Woodside Petroleum Ltd., is within the Chinguetti Exploitation Perimeter in Production Sharing Contract Area B.

The development involved capital expenditure of about US$720 million and comprises six production wells, five wells for water re-injection and one for gas re-injection.

The field, which has estimated reserves of about 120 million barrels, was discovered in 2001.

Berge Helene is a 275,000-tonne vessel moored in about 800 metres of water. The vessel has a storage capacity of 1.6 million barrels.

Andy - I think a transfer is more likely.

We will see.

I would offer a bottle of wine of your choice if I am wrong, but I suspect you have very good taste, and I may regret that offer, so..........

(I could be persuaded though.......... I have simpler tastes all under 10)

SWW,

Yes you may well be correct, they could easily have been transfers between two funds.

Not quite sure why the small difference in size though.

Not much of a wine buff myself, although when I do partake, it's normally Sancerre.

SWW / Andy

May I add Gents If they were both buys and soaked up by Amvescap it will be an even more interesting Monday / tuesday. 28% + possibly Invesco. All speculation at this point. Monday / Tuesday will tell.

Have to go with SWW option. IMHO

regards

Andy,
Never mind the french - this is great news and thanks again for keeping us in the big picture!

Ray A,

Pleasure, just looking forward to Monday morning.

Some people seem to think SEY will not properly appreciate in value until the results, when the true value of the deal in Mauritania will become apparent, so my expectations aren't too great tomorrow, but I do expect an increase to reflect the uncertainty that has been removed with the confirmation of first oil production.

From an Australian newspaper, where there is more excitement because both Woodside Petroleum, and Hardman, are listed there.

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

Chinguetti

The Woodside-operated Chinguetti oilfield is in Mauritanian waters about 90km south-west of the capital city, Nouakchott.

Oil production from the field, which has a life of about 10 years, commenced on 24 February 2006. The Chinguetti project has a daily oil production capacity of 75,000 barrels.

Oil is produced through wells on the seabed connected
by flowlines to a floating production, storage and offtake vessel, Berge Helene.

Berge Helene is a converted tanker which is permanently moored over the field. Oil stored in the facility will be periodically offloaded to trading tankers for transport to markets in the United States, Europe and Asia.
Location: Chinguetti Exploitation Perimeter about 90km off Mauritania, West Africa.
Water depth: ~800m
Discovered: 2001
Ownership: Participating interests in the Chinguetti field:
Joint venturers:
Equity %
Woodside group companies 47.384
Hardman Chinguetti Production Pty. Ltd. 19.008
SociMauritanienne des Hydrocarbures (formerly GPC) 12.000
Mauritanian Holdings B.V. (BG group) 10.234
Premier Oil group companies 8.123
Roc Oil Group Companies 3.250

From The Taipei times - Plaudits to car973 over the road.


The FPSO Berge Helene is seen on Friday in the port of Chinguetti before heading out to the oil field. Mauritania started pumping crude oil on Friday at its Chinguetti offshore oilfields in the Atlantic Ocean, making it Africa's newest oil producer.
PHOTO: AFP

Andy,
Quite excited,looking forward to tomorrow morning.
regards
cyril

sww
Still in and adding when opportunity presents
Looking good but my previous reservation about Harry doing a Nigeria adventure still stands
Monday could be a good day
Regards to all

Sunray - obviously I feel the same as you in respect of Nigeria, bearing in mind recent events.

Lets hope he sticks to buying out MRP's or similar with little political risk and loads of money(disclaimeer - MRP was snatched out of the air, please do not take my word for it they will be rich)

Production started on Saturday morning. Official announcements have been made on ASX by Woodside and Hardman. Go to www.asx.co.au to have a read. Just confirmation - nothing new for SEY holders. Nice nonetheless.

niceonecyril,

me too, let's hope we open well!

ASX opens in 42 minutes.

Pondy that RNS from the ASX reports in their timeframes.

It was just after 3pm our time Friday, they were all in bed unless they were having an evening barbie and a bottle or two............

Minor point I know, but if I didn't corect it, others may look and question other things we know.

SWW,

Correct, for example the time in Sydney right now is 09:34, and the ASX opens is 26 minutes.

SWW,

Woodside, Hardman, and ROC all up around 4% so far in oz.

Very bullish RNS, all doubts dispelled.

Sterling Energy PLC
27 February 2006



27 February 2006

STERLING ENERGY PLC
('Sterling' or 'the Company')


FIRST OIL FROM CHINGUETTI FIELD
OFFSHORE MAURITANIA



Sterling Energy, the AIM listed (symbol: SEY) independent oil & gas exploration
and production company, today announces that crude oil production has begun from
the Chinguetti oilfield, in PSC B offshore Mauritania. This has been achieved in
line with the production schedule issued by Sterling and its partners.


The Chinguetti development consists of 6 production wells tied in to the Berge
Helene Floating Production Storage and Offtake (FPSO) vessel. Production is
expected to rise to a plateau of 75,000 bopd in 2Q 2006. The field has
estimated proven and probable reserve of 140mmbo. The original discovery was
made in 2001; since then, the partners have invested in the region of 400
million in the successful development of the field.


Sterling has two economic interests in the Chinguetti development. The first is
through the Funding Agreement with the Mauritanian Government, signed in
November 2004, which enabled the Government to directly participate in the
Chinguetti development through the recently renamed Societe Mauritanienne des
Hydrocarbures (SMH). In return for funding the 12% SMH share, Sterling will
gain an approximate 8% economic interest in the field's gross production.
Sterling is proud to have worked closely with SMH to develop Mauritania's first
oil field.


The second interest is through a farm-in agreement signed with Premier Oil PLC
in 2003 covering PSC A and PSC B, under which each net attributable barrel of
Chinguetti produced, equivalent to 5.28% of the field's production, is subject
to a sliding scale royalty at a rate linked to the realised oil price. At an
oil price in the band $58 - $61, the royalty payment would currently be around
$7.25 per barrel.


Sterling anticipates development announcements to be made in the next 6 months
on the Tevet and Oualata (Tiof) discoveries in PSC B, and exploration drilling
continues in both PSC B and PSC A, in which Sterling has royalty rights and
discovery bonus entitlements.


Sterling expects to announce its preliminary results for the year ended 31
December 2005 in late April, 2006.


Harry Wilson, Chief Executive of Sterling Energy Plc, said:


'We are delighted by the news that Chinguetti has produced its first oil and
within the time schedule outlined last year. This outcome endorses Sterling's
innovative Funding Agreement with the Mauritanian Government signed in November
2004, which could pave the way for similar agreements in the future. The
substantial increase in our cash flow that will now follow from the start of
production in Chinguetti offers us many opportunities to invest in significant
new oil & gas projects.'

Hardman's sp didn't move a muscle in Oz overnight. Let's hope the response for SEY is somewhat less muted.

Depends on what is thought to be in the sp?

However, seen this with Oz recently with AZA(ael.L), have a look at thge sp difference, and they ahve to have different rules to London.

In any event, I am not too worried as Hardman did at least go up over 2% on over 5 million traded, which is an acknowledgement.

Taking the SMH royalty at 8% of $25pb = $2.00pb at the well head and the farm-in royalty at $7.25pb on 75kbpd, X 365 days at $/1.75 gives an annual net revenue of 144.7m p.a. or EPS of about 10p. How much of this is already in Friday's closing price of 23.25p?

sd