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

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

Have a read of the following article and take heed of the following passage.

"The compromise is the region will have a say on selecting the companies, selecting the proposals, but approval will be the central government," Bayati told UPI".

http://www.upi.com/Energy/view.php?StoryID=20061213-025310-6586r

"The compromise is the region will have a say on selecting the companies, selecting the proposals, but approval will be the central government," Bayati told UPI".

Let me just explain why the above passage could be good for Sterling, and why I said before that it was in Sterlings interest to delay any announcement about a PSC.
When there was dissagreement between the Kurdish and Federal governments, one of the things that was being threatened by Baghdad was that if deals were struck with companies in Kurdistan, those companies would then not be considered for any projects in the south. Furthermore those companies would not be allowed to use the southern export routes. It is therefore highly beneficial for Sterling that there is agreement between both governments expecially as there was some talk at one stage about joint projects with Petrol Resources in southern Iraq.
In my previous post the article states that discussions are 90% complete and the passage above would indicate that a compromise is near. If this is the case then we are not far away from getting this oil law away.
Sterling have already had talks with the Kurdish government, and if that government is then allowed to choose the companies and the proposals then we may indeed be not far off a PSC announcement, especially as the Kurdish government have stated before that PSC`s will be announced as soon as the oil law gets passed. With agreements of both governments that would then allow Sterling to go after licences or partnerships in the south when the conditions allowed. The resolution of the Kirkuk situation by referendum in Dec 2007 may also open up opportunities for Sterling.
Its early days but if the above compromise is agreed upon then it could work out to be the best deal allround.

So Bush has finally realised that he has to talk to the Kurds.
Lets hope he has the sence to listen:

http://news.yahoo.com/s/afp/20061213/pl_afp/usiraqdiplomacy_061213180601

"This region is poised to become one of the most important in the Nations energy future with huge natural gas reserves yet to be tapped"

http://www.davispetroleumcorp.com/projects.html

Gents, morning from sunny Middle East. One of the local newspapers in Kuwait - Arab Times , 14 Dec 2006, is quoting the Iraqi Oil law as 'Stalled on right to clinch deals'.

'... Even though the Shiites are dominant in the southern region also containing major oilfields, they have so far also opposed the Kurdish stance in the talks. The first round of the talks have failed, now we are waiting for the second round'

The article goes on to say that the talks will resume in a few days and have confirmed they are working hard to deliver a law for ratification to the parliament by the end of December.

Given the importance of what the Kurds are proposing, I am inclined to believe that the agreement deadline will slip.

I am a holder of SEY.

fido .... if you have not already been suckered in, do you have the "sence" (sic) to avoid this stock?

Afternoon all

LIfted from advfn

http://www.beta.mr/editdec06.htm#a13

Apologies for the poor translation by google.

"Oil: New wells for the field of Chinguitti to correct the deficit of production Questioned in margin of this workshop by our deferring, Mr. Mohamed Lemine Sherif, director of the Exploration and the Development of Hydrocarbons rough to the ministry for Oil and Energy brought explanations on the energy production of Mauritania. About the field of Chinguitti, the only one in exploitation, it recalled that the discounted production was 75.000 barrels per day, which, until now, reached forever. But, it explained, the starting of an industrial exploitation, whatever it is, is never safe from technical problems. It is the case of the field of Chinguitti where the stop of some wells involved the fall of the production, it specified. To rectify this situation, Mr. Mohamed Lemine Chif added, the Woodside company is drilling and to equip with new wells to be able to as envisaged bring back the production to 75.000 barrels per day. All that takes time, which is why we hope to come to end from all these difficulties and to reach the course of the 75.000 barrels per day as of the next year, he said.........

It appears that Mr Thomson's daughter has received a nice birthday pressie.
We should all wish her a very happy birthday and good fortune with her 600K shares :-)

"The Company has been notified that as a result of Mr G P Thomson's daughter
reaching the age of 18, he is no longer interested in 604,048 ordinary shares of
1p each ('Ordinary Shares') in the Company. He is therefore now interested in
15,445,510 Ordinary Shares in the Company, representing approximately 1.1% of
the Company's issued share capital."

What will they be worth this time next year?

ERX going to rocket