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

Tonker,
I said my bit and there is no gain to this board in the exchange of insults.

International oil minnows such as DNO, Heritage Oil, Sterling Energy, Woodside Petroleum and Petoil, could feel the heat of a new Kurdish draft petroleum law soon. The Kurdish government and Baghdad seem set for a confrontation soon.

The Kurdish Regional Government, effectively ruling the north of Iraq, including the oil centre Kirkuk, has set up its first draft hydrocarbon law. If taken onboard, the law could be passed by Parliament in September, effectively removing existing Iraqi national petroleum regulations. In contrast to still existing Iraqi law, the new law puts all powers in the hands of the Kurdish government, effectively giving the latter the powers to administer its full oil wealth without having to listen to Baghdad.

The draft law stipulates that contract formula is based on a production sharing agreement (PSA); in which is mentioned that exploration should not exceed five years, extendable to seven. Development after discovery is allowed for 25 years. At the same time, the Kurdish Ministry of Natural Resources (Oil) has the right to enter into any agreement regarding, service contracts, field management contracts, supply and installation contracts, consulting contracts and construction contracts. The law would be applicable in the following regions: Suleimaniya, Dohouk, Arbil and the Kirkuk region, the main hub of Kurdish oil and gas operations.

Analysts expect if the law is approved, Baghdad will protest and put all means available at work to remove it. At the same time, the new law comes at a time that Shiite militias are entering the Kirkuk region, including the city, to reclaim the region by the use of arms. Growing religious and ethnic tension is already reported widely.

The new law is also a total violation of the existing agreement between the Baghdad government and Kurdish parties that national law will prevail as long as a referendum has not been held about the position of Kirkuk. The new Iraqi constitution claims that Kirkuk is part of Iraq, without full powers given to Kurdish officials. New political conflict is expected in the coming months, possibly resulting in renewed violent clashes in the region.

In recent years, several agreements have been signed between the Kurdish regional government and international oil and gas operators. All contracts are however disputed by Baghdad as long as no end-solution has been reached. In the last few days, new Iraqi Minister of Oil, Hussein Shahristani, has reiterated that any contracts with international companies in the Kurdish region should be made through the oil ministry in Baghdad.

The Kurdish proposal comes at the same time that the Iraqi government is also preparing an Iraqi hydrocarbon law, which could be ratified before the end of 2006. International oil and gas majors are eagerly awaiting that development; until now, old rules still exist.

For already operating companies such as Norwegian oil and gas minnow DNO and K Petroleum Company (KPC), which is a subsidiary of Canadian Heritage, increased insecurity seems to be heading their way.

Already, investors have been keeping an eye on DNOs operations, even as drilling has been rather successful. Both independents, for which much of their future attractiveness to investors and shareholders will depend on their current Iraqi assets, could be hit by a financial debacle if Baghdads rule of law prevails. Iraqi government officials have been reiterating that companies dealing with Kurdish regional government officials could be faced by a full refusal of operations in the future.

DNO currently holds a concession in the Zakho region of Kurdistan, where already several tests have revealed oil reservoirs. The Tawke-1 wildcat has shown a flow rate of 5,000 barrels per day (bpd). While, total assessments have shown a potential of 100 million barrels of crude oil.

Heritage Oil has signed two MOUs for an area comprising some 1,300 square kilometres. Production-sharing agreements are currently in the final stages of negotiation as well.

Woodside Petroleum is still assessing its options where to start exploration, while already setting up shop.

Another Canadian minnow, Western Oil Sands [TSX:WTO], has lately signed up for an Exploration and Production Sharing Agreement (EPSA) on a yet undefined acreage in Kurdistan, but is slated to be around Sulaimaniyah. Other assets of Western Oil Sands are a 20% stake in Shell Canadas [TSX:SHC] oil sand operations.

Conclusion

The combination of Kurdistans attractive oil reserves, stability and high crude oil prices, could be only a fata-morgana for the current operators, if Baghdad puts its foot down.

Kurdistan is still a part of Iraq, some operators seem to forget. The next months could be crucial to the future of DNO, Sterling Petroleum and Heritage. A debacle in Iraq could see investors and shareholders flee to more stable areas.

The above is from http://www.iraqupdates.com/p_articles.php/article/9964

SWW,

No need to apologise, you were right!


Tonker,

Excellent article, well found!

fido iii.co.uk have moderated you it seems for defamatory comments against me.

I did not complain, but I agree with it,(and I know you wont believe I did not do it)

I am writing to Money Am as they seem to have accepted this from you, maybe they are not aware of it.

My view is that you should be banned however I will leave any action up to them.

I will also be writing to iii.co.uk asking them to do the same.

Whether they do it or not is up to them but I will not have you or anyone else tarnishing and trashing my good name including my screen name in such a fashion.

That is end of.

Tonker ..... as Andy said, a very interesting arrticle ..... however i would just bring to everyone's attention a small clause near the beginning ...... "If taken onboard, the law could be passed by Parliament in September." ...... so now that we are quite well into October, has there been anything further, notwithstanding that much discussion and negotiation would have been going on behind the scenes anyway.

I'm cooking chicken pasta with a pesto sauce tonight. All washed down with a few G&T's. I can see Iraq fragmenting along ethnic lines.

LOL
MS

Seawallwalker,
To put your mind at rest. The reason your posts were removed from iii was because I complained about you. As for the rest of your post-don`t flatter yourself.

Lucky I copied them then isn't it?

seagoon AND fido ......it is prob 6 of one and half a dozen of the other ..... grandpa says time for both of you to bin the bags

yes, otherwise we will have to start a new thread, not for SEY, but for "fido and seawallwalker slagging off thread".... lol

guys,

PLEASE chill!

this has been an informative thread, rare for a bb in my experience, oil is movig upwards a little, can we return to discussing SEY please???

thanks...

http://imagesignal.comsec.com.au/asxdata/20061010/pdf/00654960.pdf

10 October 2006 ROC OIL COMPANY LIMITED ("ROC") STOCK EXCHANGE RELEASE

"3. Chinguetti Oil Field, Offshore Mauritania (ROC: 3.25%)
Gross Production from Chinguetti has recently averaged about 30,000 BOPD (ROC net: ca 1,000 BOPD)."

All,

Please be aware that personal insults have no place on a financial bulletin board, please stick to the topic at hand (be that a positive, negative or neutral view that you have), and not on trading insults.

This applies to all users of these boards.

Now I hope you all have a good day, and I hope that I have made my point clear.

Regards

Ian

Ian
I've asked my broker about trading insults, but he says he doesn't deal in them. Can you recommend one who does? I've heard they can make alot of money. lol!
sd

seawallwalker, help me with your above post, not clear on connection to SEY?

Tonker - Sterling have interests in production from Chinguetti, so it's relevent.

8% give or take from the Government, 4% give or take from Premier.

The volume fluctuation does therefore affect day to day profits. It also shows a decline from Chinguetti is continuing despite the introduction of new compressors.

Its a complex field and no doubt more complex than was expected by anyone.

This is the latest from any of the JVP, so I have posted it.

Thanks, I should know that, being a holder of these stocks! Good to hear from you

Welcome Tonker.

I also hold ROC did hold Hardman till the t/o was announced and sold, I intend to buy Tullow but when it suits me, have no interest in Premier although they could be the next of the JVP to be taken over and will hold Sterling when I feel like it.

The latter is why I continue to track this stock however as I have previously said, I will buy for Madagascar.

In respect of Mauritania, Chinguetti seems to be experiencing traits similar to those discovered at Tiof, which is why that project was delayed.

I also believe that Woodside knew of such problems which is why they sold their Hardman stock at $1.75AUS a while back and also probably what caused the core of the Hardman Board to leave before Chinguetti came on line, and that included Ted Ellyard who was CEO, he left with ill health. All of that before Chinguetti came on line.

What next there?

We will wait and see.

SWW,

SEY only expect one more lift between now and Xmas, so there may be minimal impact to their expected revenues.

SEY made three lifts between February and June, as reported in the interims recently, and have made another two since, with one more due before the period for the finals closes Dec 31st.