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,

ROC rights issue is a disgrace to exclude UK shareholders when they will be diluted IMO, what is the reason behind that?

Hardman was unlucky, if Chinguetti production problems hadn't occurred, it would be over 1 now easily IMO.

Funnily enough, the only reason I did't buy Hardman earlier this year was the fear of just the sort of problem the partners now have, and of being too exposed to the one project.

Thanks for posting that review of the operations, it's good to read the negatives, and as the shutdown explains the drop in average production recently, there's even a positive in there!

Theran-1 may not be a duster, and even if it is, it's quite small compared to the other wels dur to be drilled in the current onshore program. Clearly a good result would instill a bit of confidence, so I am still hoping we may hear something, SEY have been slow to release good news in the past.

Stockdog,

SEY have already downgraded thei reserves estimate by 40%, so I think the comment referes to the other psrtners that have not yet done so.

Look.

It's not the right time, but as I follow this Company so closely, I am taking a few shares on board.

Buy now, buy later it really is irrelevant and it will qualify what I think of the Company.

It's a good one.

I will still research and post everything that I see as needing public knowledge for shareholders, good or bad.

I intend fully paid up so I will be on thew company Register again.

I think since fido challenged me, quite unfairly, so of his mud has stuck and this is a way of demonstrating that I like the Company without qualification.

So, here I am and to stay whatever.

This is written without checking as I am currently short on time.

Andy / SWW . .... notr quite sure why you think SEY is still a good bet, or do you both feel that all the bad news or downgrading Ching + possible duster are already discounted?

Nice to have you back on board sww. Keep up the good work.

cynic - as I have always said, this share is about Madagascar, short and simple.

Chinguetti downgrade is in the sp imo as Sterling went to great lengths to tell it how they saw it in the Interims which dealt with 50% IIRC.

In respect of the possibility of a duster at Theran -1, I would say that's a certainty by now.

Madagascar blocks adjoin those owned by Vanco and Exxon , Exxon are promoting Madagascar as highly promising, so this is not for now, for me, it's for later.

I think there is a good chance that Chinguetti will be further downgraded and I see that between the lines from Huntley.

The question is, how much?

Will it affect the sp?

Well the answer is yes but it will recover sooner than Hardmans would have done.

Frankly unless something big is found in th GOM, and unless Chinguetti gets a full face lift which is not likely, then Sterling need a diversification for revenue.

I do not believe they have money to throw around on new prospects or takeovers, more likely they are minding the reduced revenue from Chinguetti so that they can deal with those that they have to develop within the terms of licenses.

Does that answer your question cynic?

I thought you were in here too?

i am but maybe not for much longer

cynic - this stock can try the patience of a saint.

I am facinated by it all the same.

I am also looking at GTL with a view to being greedy by the way.

Same timescale as here, and as interesting a stock except they don't rely on drilling holes just a good harvest of corn and no tornados.

Of course GTL will need a fund raise whereas Sterling won't.

Well that's it, deed done.

Anyone want to see the Contract Note when it arrives?

won't try mine any longer ..... i'm out!

Were you in long?

long enough

I see

Did you get greedy for GTL?

I did.

didn't add any more, nor to my DOO holding

High volume increase today, news on the way?

Interesting piece of news from a fellow oiler in Kurdistan.


Click HERE

Indeed. Andy, where are SEY's interests relative to Tawke - adjacent or further afield. Ignorant of the geology of that part of the world (as of any other pretty much!). Your knowledge would be appreciated.

Stockdog,

AT the AGM they did not disclose the are of interest, but HW said the exploration areas are easily definable, and they had never seen such obvious targets.

http://www.woodside.com.au/NR/rdonlyres/CB3976F6-5327-41CC-8006-339618369209/0/IanFraserAfrica.pdf

I suupose this is no surprise but the reseves are 50% lower and then some, less than expected.

As to wether or not they increase once further development wells have been drilled, we will have to wait and see.

Here is Hardman's biut for continuity.

"OPERATOR UPDATE ON CHINGUETTI RESERVES (MAURITANIA)
Hardman notes that the Chinguetti field operator, Woodside, has today provided in a
presentation to investors an update on the Chinguetti field (Hardman 19.008%), including an
interim update of Chinguetti field reserves.
The operators estimate of proven and probable reserves for the Chinguetti field of 53 mmbbls is
consistent with the estimate provided by the Independent Technical Expert for the purposes of
the Scheme of Arrangement for the acquisition of Hardman by Tullow Oil plc and included within
Hardmans Explanatory Memorandum to shareholders dated 14 November 2006.
Hardman will provide additional information on the results of the operators reserves review for
Chinguetti when that review is made available to the joint venture.

Chinguetti link.