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

My information comes from a variety of sources over a lenghty time span and not from just the one article I posted. I am in agreement though that at the end of the day-time will tell.

Then we do actually agree there is no arguement.

Good, this is progress.

I accept that you probably have a much better feel for Iraq than I do, and I accept that you have a lot stored in your head that you do not need to revisit a link where you saw it.

I am convinced that your intentions are good, shame you don't think the same but here you go......

I prefer to discuss.

This is the way forward.

http://www.kurdmedia.com/news.asp?id=13786

"Iraqi officials reach a tentative deal on oil law

12/21/2006 Reuters
Baghdad - Iraqi officials have reached a tentative deal on an oil law that would allow the regions to negotiate oilfield contracts with foreign investors but gives the central government the final say.

Iraq desperately needs foreign investment to revive its shattered economy, which relies heavily on oil export revenues. The country straddles the worlds third largest oil reserves.

Sources close to the negotiations said Prime Minister Nuri al-Maliki has "signalled his approval" of the draft, but the law still awaits political approval and endorsement by the cabinet.

The sources said the law calls for the formation of a national oil council - led by either the prime minister or his deputy - that will have the authority to reject oilfield deals.

"Regions will be negotiating in accordance with specific parameters and investment models decided by the national oil policy council ... in the presence of a representative of the national oil body," one of the sources said.

"If rejection happens and the region insists on the contract, a body of (independent) experts will arbitrate."

The oil minister, central bank governor, a representative from each region and oil, finance and economy experts will serve on the council, the sources said.

"The Kurdish regional government has accepted to review its existing contracts so that it will become consistent with the law," a source said.

The industry desperately needs foreign investment to revive Iraqs shattered economy, which relies heavily on oil export revenues.

The contracts issue is vital to Iraqs future as a solution favouring the regions would devolve power over its most valuable resources to the majority Shias and the Kurds whose regions are home to the countrys most coveted oilfields.

Minority Sunni Arabs, who were the dominant group under Saddam Hussain before the US-led invasion in 2003, fear regional devolution will leave them with nothing.

"Contracts will not become effective unless the national body does not reject it. If the national policy council were to reject any draft contract within a specified period of 60 days then the contract will not be effective," the sources said.

The sources said the law calls for Iraqs two national oil companies to be turned into a holding company with operational affiliates to manage different aspects of the industry.

It also says oil policy would be set nationally and the ministry of oil would be restructured and transformed into a regulatory body. All revenues would be deposited into a single national account.

Iraqi officials have said the law will be delivered to the parliament for ratification by the end of December. But the legislation is likely to be finalised early next year because of the holiday season, the sources said."

I think this is more or less the same item as posted by fido I dont have the time to cross check just now, so read it as is.

It also says oil policy would be set nationally and the ministry of oil would be restructured and transformed into a regulatory body. All revenues would be deposited into a single national account.

Is this bit new?

No and is in effect what the Kurds were asking for. Revenue will be distributed as per population. The main thing is that it allows Kurdistan/Iraq to move ahead with its plans for oil.
PS. Petrel resources has already felt the benefit of the near signing of the law and Sterling will follow once its becomes clear that a PSC is on the cards.

As a PS to my last post, there were rumers of a Sterling link up with Petrel Resources. While I think that is possible at some stage in the future, reaching agreement on the new oil law certainly makes it possible. Agreement also means that Sterling can negotiate deals with Baghdad as soon as the time is right but I think that Kurdistan is going to be the main bridgehead to begin with.

Whats good for Petrel is good for Sterling, see below:


Possible reason for AIM listed Petrel Resources/PET taking off this afternoon?!?!?



barkerman - 21 Dec'06 - 14:21 - 56056 of 56057


David Horgan
Sent : 21 December 2006 13:02:56
To : "peter barker"
Subject : RE: Happy new year

| | | Inbox


Many thanks for your kind wishes and support.
With the Iraqi Petroleum Law due to go before Parliament on 7th January,
hopefully 2007 will be a breakthrough year!
David

Well fido, your posts have worked, or at least the Reuters links have.

Well done, lets see how far and if this goes.

Gloat please.

Sterling Petrel link up?

That's been said before about 3 years ago.

Could be, except if you recall the item I found from the BBC about an interview with David Hogan, he said that, (words to the effect that) any Co using men and equipment in Kurdistan would not be considered etc.......in Iraq.

Unless this Law is effectively an entente cordial?

"(words to the effect that) any Co using men and equipment in Kurdistan would not be considered etc.......in Iraq."

This is why agreement is such good news. Before there was sabre rattling with the Kurds threatening to quit Iraq and Baghdad saying the above. Agreement now means that Sterling can negotiate deals throughout Iraq with a link up with Petrel possible because of the links between the two companies. As I said before the important thing is the hard talking is coming to an end and we can look forward to Jan 7th and the PSC announcements.

Okay.

Understood.

Well, the trades indicate that even though most of the big boys are away, they are still active, some large trades going through.

I also suspect the mm don;'t know what's going on, they are trying to hold the price back.

Well that was an exciting end to the day.

42m so far reported.

It will be intersting to see what, if anything transpires tomorow?

Petrel finished up nearly 17%.
A sign of things to come for Sterling.

Looks like SEY is on verge of a breakout....imo

i no longer hold, but certainly it is encouraging to see sp jump through 50 dma level.
may be some resistance around 19, though that assumes present modest strength is maintained anyway.

Word must be leaking out that they have found oil!

or just a bit of lemming money hopping on board in hope rather than actuality

Cynic, I have noticed using the 3 month period on the chart that the red and green line gap are narrowing and set to look to cross over over next few sessions. I dont know how to paste the chart to show.

50 and 200 dma are still relatively some way apart .... see above.

easy to paste charts .... assume you knwo how to get into them ..... just highlight the gobbledegook below it, press control+c and paste in here (control+v)

Thanks, well I just use the standard settings for my research and you can see the gap is much smaller.