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

I hate to say it but this is very good information.

Nothing specific to Sterling but still very good.

More background info on Kurdistan:

http://www.nytimes.com/2006/12/09/world/middleeast/09oil.html?_r=1&oref=slogin

A bit from the CEO in the 2006 ints:

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

'Our position continues to strengthen with a now sizeable and growing cash
position and an active and largely carried exploration portfolio. We have seen
excellent progress on some potential high impact projects. Over the next year
we have 8 wells planned, any one of which could be significant. Alongside this
activity, we continue to seek new drilling opportunities and production
acquisitions that can bring significant upside potential to the Group.'

optomistic,
While it is still the companies intention to seek aquisitions and new licences, the company continue to refer to high asking prices. More significant was when they said that if none could be found at the right price, then the money would be used for internal projects. My view is that this means Kurdistan.

http://www.newspress.com/Top/Article/article.jsp?Section=WORLD&ID=564855085218530682

Posted by poobaa on advfn

(Starts)Posted Dec 9, 2006

http://theamericanmuslim.org/tam.php/features/articles/the_final_american_coup_in_iraq/0012217

"The American plan, now to be imposed willy-nilly on the peoples of Iraq by the passage of a new oil law within the next three weeks,....................

......... The only remaining issue is whether the Kurds will lose control over contracting with foreign oil companies over future oil exploration and production. The Kurds recently discovered two new oil fields after signing exploration contracts with a Turkish company and a Norwegian company. American officials are trying to convince the Kurds to give up such regional autonomy by arguing that a national oil law could attract more foreign oil companies to exploration and development in Kurdistan. Specifically, A large foreign oil company would have more confidence in signing a contract with the Kurds if it were to operate under the law of a sovereign country rather than just the law of an autonomous region.

Far from in the bag then!(ends)

SWW,

I never thought it was personally.

Clearly the US wants it's multinationals to benefit here, rather than foreign juniors such as SEY and the Norwegians, so will be spinning their hype to benefit themselves as usual.

I am watching with interest, because clearly the kurds want to go it alone, and the US have to tread carefully, so cannot support the national government of Iraq (that it has created itself) , if it invades Kurdistan.

Without the threat of force being used, it's hard to see a compelling reason why the kurds need to comply IMO!

I think they will try and form their own autonomous governement, and try to retain the oil revenues for their own people, one step closer to independence.

Andy - I also understand that the Iraq Govenrment will not allow Companies who work or allow their staff to work in Kurdistan, to have any imput at all in the Iraqi Oil licenses, seems quite a tough nut to crack.

I could find the link, but I am being lazy this afternoon.

Kurdistan have already stated that their own oil law will overide any oil law from Baghdad if the demands of the Kurds are not met. The passage below would indicate that there is more agreement than we think:

Calling the recommendations "inappropriate", Mr Barzani said: "We do not accept anything that opposes the constitution and the interests of the Iraqi and Kurdistan people."

His stance was backed up shortly afterwards by Iraq's President, Jalal Talabani.

"President Jalal Talabani supports the stand of the president of the Kurdistan region Massoud Barzani on the report," his office said, suggesting some of the reports recommendations ran contrary to Iraqi government policy.

As for the oil price....

Iran eyes oil price above $70/bbl
Posted: Sunday, December 10, 2006




Tehran


Oil prices should climb back to levels above $70 a barrel as a result of winter weather in the northern hemisphere and Opec output decisions, a senior Iranian oil official was quoted as saying.

'The oil price in the world market has been more than $70 per barrel in the past but considering the fact that we are approaching winter and demand is increasing this price could be higher,' said NIOC managing director Gholamhossein Nozari.

'We are trying to increase the current oil price through controlling the market,' the Irna news agency said.

Oil prices in New York and London closed just above $62 per barrel on Friday.

Opec holds a meeting on December 14 to decide on output policy.

Opec president Edmund Daukoru said he favoured a cut in production by Opec, deepening a 1.2 million barrel per day cut agreed in October.Reuters

Aramco, who are unpredictable at the best of times, but control the drilling contracts in Saudi, have taken early Christmas holiday as have the major oilfield operators

Which ofcourse indicates that production is being reduced.

Or maintained at the same level.

Iraq seeks oil sector consensus
The Associated Press
Published: Sunday, December 10, 2006

BAGHDAD, Iraq - Iraqi legislation intended to resolve the politically charged question of distributing the country's oil wealth is nearing completion, the chairman of a panel drafting the law said Saturday.

The distribution of oil revenues, the mainstay of Iraq's economy, is at the heart of some of Iraq's most contentious political issues, including the push by Shiite leaders to allow the oil-rich south of Iraq to set up a self-rule region similar to a Kurdish one in the north.

advertisement ''We have reached important agreements. I cannot put a timeframe on when it will be ready, but we are very keen on achieving that as soon as possible,'' Deputy Prime Minister Barham Saleh, a Kurd who chairs the committee, said. ''We hope that we will reach a comprehensive agreement that will enhance the oil sector and make oil a unifying factor to all Iraqis.''

He said, however, that key issues still need to be resolved, including ''the administration of the oil sector, deals and contracts.''

Oil Ministry Spokesman Assem Jihad said the government hoped that the oil legislation would encourage foreign investment in the oil sector


fido - 11 Dec'06 - 23:43 - 11998 of 11998 edit


I said before that in my opinion a PSC would have been announced before had it not been that Sterling wanted a deal that was acceptable to both the Kurdish and Federal governments. This snippet specificly talks about the Federal govenment so it is my view that Sterling are also in talks with them as well.

Andrew Grosse, Exploration and Technical Director, Sterling Energy Plc, which sponsored the seminar, indicated that a new petroleum law is being developed by Federal Government, to replace the pre-2003 Iraqi Petroleum laws. From experience in the region, Mr Grosse recommended that development of the natural resources sector includes co-operation between Baghdad and the Kurdistan Regional Government, fiscal transparency, agreement on regional borders and the security of export routes. Mr Grosse concluded by saying that Kurdistan offers a very positive business environment for foreign investors one that is improving with new pro investment legislation being enacted and the continued development of infrastructure and the local work force.

http://www.rigzone.com/news/article.asp?a_id=38975

Have a read of the following article:

http://www.cushingdaily.com/opinion/cnhinsall_story_346083118.html?keyword=topstory

I`m sure someone will correct me if I am wrong, but I think Sterling still have a small stake in Sterling Resources:

http://www.oilvoice.com/Sterling_Resources_Acquire_Black_Sea_Acreage/8188.htm

fido,

I believe you are correct, although they have been trying to sell of their small UK and Dutch assets for some time.

Andy,
In fact I am wrong. The association is not that Sterling Energy have a stake in Sterling Resources, it is that both companies have small stakes in the North Sea PEDL 071 Licence. This is insignificant to Sterling.

The hard talking continues in Iraq but all side reaffirm their commitment to a solution by the year end.

http://www.tradearabia.com/tanews/newsdetails_snOGN_article116147_cnt.html