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STERLING ENERGY big buyers about... (SEY)
proptrade
- 14 Jun 2004 11:58
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
website: http://www.sterlingenergyplc.com/
weather: www.nhc.noaa.gov/refresh/graphics_at4+shtml/084938.shtml?50wind120
Sunray41
- 26 Feb 2006 21:51
- 5514 of 7811
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
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
seawallwalker
- 26 Feb 2006 21:59
- 5515 of 7811
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)
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)
Pond Life
- 26 Feb 2006 22:12
- 5516 of 7811
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.
Andy
- 26 Feb 2006 22:19
- 5517 of 7811
niceonecyril,
me too, let's hope we open well!
ASX opens in 42 minutes.
me too, let's hope we open well!
ASX opens in 42 minutes.
seawallwalker
- 26 Feb 2006 22:22
- 5518 of 7811
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.
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.
Andy
- 26 Feb 2006 22:35
- 5519 of 7811
SWW,
Correct, for example the time in Sydney right now is 09:34, and the ASX opens is 26 minutes.
Correct, for example the time in Sydney right now is 09:34, and the ASX opens is 26 minutes.
Andy
- 26 Feb 2006 23:38
- 5520 of 7811
SWW,
Woodside, Hardman, and ROC all up around 4% so far in oz.
Woodside, Hardman, and ROC all up around 4% so far in oz.
seawallwalker
- 27 Feb 2006 07:12
- 5521 of 7811
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.'
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.'
Pond Life
- 27 Feb 2006 07:19
- 5522 of 7811
Hardman's sp didn't move a muscle in Oz overnight. Let's hope the response for SEY is somewhat less muted.
seawallwalker
- 27 Feb 2006 07:26
- 5523 of 7811
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.
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.
stockdog
- 27 Feb 2006 07:28
- 5524 of 7811
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
sd
seawallwalker
- 27 Feb 2006 07:42
- 5525 of 7811
Stockie - I would guess at not much, or why would Sterling feel the need to mention it?
EVO target is oft quoted at 32p plus depending on what note the writer has seen.
EVO target is oft quoted at 32p plus depending on what note the writer has seen.
Andy
- 27 Feb 2006 08:48
- 5526 of 7811
SWW, Stockdog,
I agree with SWW, not much, otherwise they wouldn't have mentioned it in the RNS, IMO.
I saw the RNS as very positive personally, mentioned Tiof and Banda too!
25p is more or less where I hoped it would go to, there seems some decent buying volume, so let's hope we can establish a base at this level.
I agree with SWW, not much, otherwise they wouldn't have mentioned it in the RNS, IMO.
I saw the RNS as very positive personally, mentioned Tiof and Banda too!
25p is more or less where I hoped it would go to, there seems some decent buying volume, so let's hope we can establish a base at this level.
Pond Life
- 27 Feb 2006 12:16
- 5527 of 7811
Another RNS
AMVESCAP topped up on Friday with another 5.75 million shares. They now hold 24% of the company. So who bought the rest on Friday then? Can we expect another RNS?
AMVESCAP topped up on Friday with another 5.75 million shares. They now hold 24% of the company. So who bought the rest on Friday then? Can we expect another RNS?
Andy
- 27 Feb 2006 13:47
- 5528 of 7811
Pondy,
Maybe, slightly disappointed with the price today, but not surprised.
Amevscap are the major players in any takeover approach now, I can't imagine SEY are too happy at the size of their stake.
Maybe, slightly disappointed with the price today, but not surprised.
Amevscap are the major players in any takeover approach now, I can't imagine SEY are too happy at the size of their stake.
Pond Life
- 27 Feb 2006 17:31
- 5529 of 7811
Bit of a 'Brown Ale' day then. Ho hum.... hopes of instant riches beyond the dreams of avarice postponed again.
Always the AMVESCAP stake to dream about. I do wonder who bought the 40 million shares on Friday then. 40 million is a declarable stake so there should be an RNS.
Always the AMVESCAP stake to dream about. I do wonder who bought the 40 million shares on Friday then. 40 million is a declarable stake so there should be an RNS.
queen1 - 27 Feb 2006 17:59 - 5530 of 7811
I feel this was a very poor showing today, especially given some of the rocketing SP's we've seen from some SEY peers over the last year or so. I really can't understand why. I've been a holder from 7p so am in a good position but this really should be flying now.
proptrade
- 27 Feb 2006 18:21
- 5531 of 7811
ola
i have been a bit busy of late to participate in the thread so wanted to say hi.
Hi.
nice rise but i agree with you all that this is an underperformer. 30p should be a hop skip and a jump from here...
had a simply scrumptious lunch at itsu...can't get enough of the place.
rgds
PT
i have been a bit busy of late to participate in the thread so wanted to say hi.
Hi.
nice rise but i agree with you all that this is an underperformer. 30p should be a hop skip and a jump from here...
had a simply scrumptious lunch at itsu...can't get enough of the place.
rgds
PT
proptrade
- 27 Feb 2006 18:30
- 5532 of 7811
BACK OF ENVELOPE STUFF:
a i right in saying that SEY is looking at revenues of about US$141 million a year???? that is based on 5.28% of the Premier stuff plus 8% of its own government lined contract....
if so this thing is the WRONG price in a huge way! i would appreciate your thoughts....
a i right in saying that SEY is looking at revenues of about US$141 million a year???? that is based on 5.28% of the Premier stuff plus 8% of its own government lined contract....
if so this thing is the WRONG price in a huge way! i would appreciate your thoughts....
seawallwalker
- 27 Feb 2006 18:37
- 5533 of 7811
Your back of the............ you are using what? $60 per barrel? (He says guessing)
Safer to use the OPEC basket price of $45, and then the answer would be yes, gross.
Nice to see you here prop, I began to think you didn't love me any more.....xxx
Then again name changiong etc, has caused a bit of a kerfuddle.
Safer to use the OPEC basket price of $45, and then the answer would be yes, gross.
Nice to see you here prop, I began to think you didn't love me any more.....xxx
Then again name changiong etc, has caused a bit of a kerfuddle.
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