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

LOL

they could not manage that ,

http://moneyam.uk-wire.com/cgi-bin/articles/200703290701509563T.html

Sterling Energy PLC
29 March 2007

COMPLETION OF THE $145 MILLION ACQUISITION OF
WHITTIER ENERGY CORPORATION ('WHITTIER') AND UPDATE

Sterling, the AIM listed (symbol: SEY) independent oil & gas exploration and
production company operating in the Gulf of Mexico and Africa, today announces
that it has completed its $145 million cash acquisition of all of the issued and
to be issued share capital of Whittier, an onshore US Gulf Coast exploration and
production company, which was conditionally announced on 19 January 2007.

Based on end 2006 reserve estimates, this acquisition is expected to:

double Sterling's proven and probable ('2P') reserves to nearly 25
million barrels of oil equivalent ('boe') and add materially to its contingent
resources;

contribute to an increase in entitlement production to a current level
of approximately 6,500 boe/day, compared with an average of 3,100 boe/day in
the first quarter of 2007;

significantly increase cash flow from operations, thereby permitting a
large increase in exploration and production expenditures.

This enlarged USA portfolio will comprise the majority of Sterling's production
and reserves, will extend its operations in an area contiguous with its
shallow-water Gulf of Mexico interests and strengthen the management and
technical team. With a programme of over 40 low-risk wells already planned for
the next twelve months on the Whittier assets, together with Sterling's current
drilling schedule, further significant USA exploration and development
opportunities will be pursued.

Following the closing and payment of related costs, Sterling expects to have
current cash balances of approximately $30 million, undrawn bank facilities of
$13 million and bank debt of approximately $141 million.

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

'The acquisition of Whittier materially strengthens Sterling's position in the
sector and creates new opportunities for us to grow. Adding significant, lower
risk, onshore US production and development assets to our existing offshore Gulf
of Mexico assets, Whittier both de-risks and significantly increases the scale
of our cash generation. This will allow us to build on our existing portfolio
of exploration projects and provide us with greater flexibility to pursue new
opportunities on a bigger scale.'

Sterling is currently operating the high risk/high potential onshore Thunder
Stud well and expects to reach target depth in early May. It also expects to
commence drilling on the 25 well Austin Chalk infill programme next week. This
had been delayed due to lack of rig availability but one has now been secured on
a one year contract with an option for a further year.

Average Chinguetti field production to date in 2007 is approximately 18,600
barrels of oil/day ('bopd') and is currently around 24,000 bopd, with the C-18
well having very recently been completed and brought on production. This well is
part of the Phase 2 field development, with detailed seismic expected to be shot
by mid-year and a further four wells are then expected, to be drilled,
commencing in the latter part of 2007.

As previously reported by Sterling in January 2007, independent consulting
engineers estimated ultimate Chinguetti field 2P recoverable reserves at the end
of 2006 at 51 million barrels ('bbls') and valued Sterling's Mauritanian assets,
including risked gross field contingent resources of up to 18 million bbls, at
$87-121 million. This compared to relevant mid-2006 net book values of $170
million. Since then, the operator has issued a revised field 2P recoverable
estimate of 62 million bbls plus contingent field resources of 48 million bbls.

An offshore well in Guinea Bissau, drilled at no cost to Sterling, has been
plugged this week. Sterling has an option to participate for 5% in the second
higher potential well due to spud shortly. A largely carried well (20.5%
interest, paying 2.5%) is also due to spud in Gabon around mid-year.

Sterling intends to issue its annual results for the year ended 31 December 2006
towards the end of April/early May, adopting International Financial Reporting
and reporting in its functional currency, US dollars.

www.sterlingenergyplc.com

Now you see why the sp has been struggling to raise it's head above the parapet!

It seems even with Chinguetti 18, production has achieved 24kbopd, or is that poor English?

This acquisiion would seem to be very important to Sterling at this stage.

Well judging by the lack of interest, the Market is unimpressed by this acquisition.

will do no good till we clear out the rubbish running this what a bloody joke they are,

so why do you still hold the shares? ..... must be better places to invest

well the new team are crap , they are a bloody joke

well the new team are crap , they are a bloody joke

Grandpa Cynic has been telling you all for ages that this stock is a waste of portfolio space

I came close to buying these on a number of occasions, very pleased I didn't, the reason being I already hold several oilies.
2517

I can't understand you TANKER.

How long have you held these?

You average out at 16.something and that's where the sp is, so do yourself a favour and sell out.

I am not so sure the Management are crap either, but on the other hand they are committed to loads of paper on the eventuality that the gambles at Chinguetti and now Whittier pay off, and we already know Chinguetti is a "sick puppy", producing less that one third even after remedial work at Chinguetti 18.

Yes, I know the cash they get from it is free money but it has been paid for by share placings so it really isn't free after all is it?

Now if Whittier goes tits up, Sterling will never recover, and that has a 40 well drill program this year, so there is every chance for it to shine or flop.

Not holding and not intending to.

thanks for that sea,

sea , the ceo is usless thats why holders are selling they do not like him at all . complete no hoper.

TANKER - I still don't agree with you, but each to their own.

People are selling because of the adverse publicity on ADVFN this morning where there was a bet called in by a player that the sp would not have moved beyond 16 pence in 6 months to now, it hasn't!

I wont slag off the CEO, he is a very clever man and this company does have direction, it's just that it is stalled just now over a number of factors, indicated earlier plus there is post acquisition lethargy as the companies merge together.

You can't blame the CEO for Chinguetti failures, nor the lack of successful drills in Mauritania, or even the price of oil.

As to the company strategy, no one has doubted it till recently, you could not have or you would not have bought in.

As an ex holder, I am still interested in the fortunes of Sterling, but much less worried.

I see the selling today has forced a little money men action to prop the price up, a large spread to deter punters from selling.

Don' think that will stop in now as the head and shoulders completes itself on the back of no news.

14.5pence will be the next bottom if current support fails.

All imo dyor etc.

So where is the Company Bulldog now?

sea , they only person that can stop the rot is the ceo and he has said fu-k all . very bad for the company,and holders,

Fair point TANKER

sww - do you not think there may be just a tad of end of tax year effect here. MMs lowering price to protect against eoy crystalisation of losses (or profits, lol!)

Happy Easter

22p being the 25dma, looks to be providing pretty good support, so arguably a good price to buy at

Cynic, I don't know what you are talking about - support at 22p for SEY???
It is 16p now.