Halifax if the chart from 2001 proves that history is going to repeat itself then we should be expecting another blowout!

lol. And presumably another 300% dilution with HB and CE?

RAS now they were the good old days on this one, after dilution you could buy cheap and sell high with the volitile swings in the market..... Now its a case of waiting for news!!

It would be very interesting if that 500K was a buy,guess if the sp rises we will know,cant believe we are still at 5p,but then one can see how quickly values can change,look at BLR,i would hate to sell now for something similar to happen here.

Morning all.

Must be good for Sefton's cash flow:

http://www.bloomberg.com/apps/news?pid=20602099&sid=aR4gDa.4LjZ4&refer=energy

Oil Trades Near 11-Month High After U.S. Gasoline Supply Drops

By Christian Schmollinger and Trisha Huang

July 19 (Bloomberg) -- Crude oil was little changed in New York after rising to the highest in more than 11 months yesterday as U.S. gasoline inventories unexpectedly fell.

Stockpiles dropped by 2.24 million barrels last week after imports plunged and demand reached a two-year high, the Energy Department said yesterday. Motor-fuel supplies brought into the U.S. fell by 36 percent from the previous week to their lowest level since the week of March 16. Refineries continued to operate at lower rates than last year, the report showed.

The report ``was very bullish on all fronts,'' said Dariusz Kowalczyk, chief investment strategist at CFC Seymour Ltd. in Hong Kong. ``We have to expect further tightness in the product markets because demand doesn't wait for the capacity utilization to close the gap.''

Crude oil for August delivery was at $75.15 a barrel, up 10 cents, in after-hours electronic trading on the New York Mercantile Exchange at 3:19 p.m. in Singapore.

The contract rose $1.03, or 1.4 percent, to $75.05 a barrel yesterday, the highest closing price since Aug. 9, 2006.

Gasoline use in the U.S., the world's largest oil consumer, has peaked in June or July in four of the past five years as holiday travel puts more cars on the nation's roads. The North Atlantic hurricane season, which can disrupt U.S. fuel output and shipments in the Gulf of Mexico, runs June through November.

Gasoline production fell a second week even as refiners used 91 percent of plant capacity, the highest in seven weeks and more than forecast by analysts.

``Concerns about gasoline supply in the U.S. have re-emerged as a driver of the oil market,'' said Anthony Nunan, assistant general risk manager at Mitsubishi Corp. in Tokyo. ``Oil is likely to head higher because fuel demand remains strong.''

Gasoline Demand

Demand, based on deliveries from refineries, reached 9.7 million barrels a day last week, the highest since the week ended July 1, 2005, according to Energy Department records.

Gasoline for August delivery fell 0.53 cent, or 0.2 percent, to $2.19 a gallon after surging 4.5 percent to $2.1953 yesterday, the biggest increase since Jan. 30. Prices fell 11 percent in the previous five sessions.

While prices may ease in coming days, gasoline is likely to trade in a $2.00 to $2.40 a gallon range until either the hurricane season has passed or there is evidence of a decline in demand, said Chris Mennis, owner of oil broker New Wave Energy LLC in Aptos, California.

``Either of those could collapse this house of cards, but we haven't seen it yet,'' Mennis said.

About 80 percent of the hurricanes striking the U.S. have been reported in August, September and October, according to National Hurricane Center data.

``So far it has just been just as quiet as last year but we'll probably see some weather-related disruptions just based on the statistics,'' said CFC Seymour's Kowalczyk.

Oil Stockpiles

Crude oil inventories fell as forecast as refiners increased operating rates to a seven-week high. Stockpiles dropped 449,000 barrels to 352.1 million barrels last week, 13 percent more than the five-year average.

The Brent market became backwardated last week, with the September contract more highly priced than all the other contracts offered. On the Nymex, only the September contract is priced higher than the August contract.

The situation takes away any incentive to hold oil in storage as it loses value while stored. Companies holding crude in tankers in the U.S. Gulf Coast may have begun selling their supplies because of the high cost of keeping the ships.

``Gulf Coast crude inventories have risen as oil previously held offshore has continued to move onshore and hence into the data,'' said Barclays Capital analysts Kevin Norrish and Paul Horsnell in a report yesterday.

Brent Crude

Brent crude oil for September settlement was at $76.90 a barrel, up 14 cents, on the London-based ICE Futures exchange, after rising 1.6 percent to $76.76 barrel yesterday, its first gain in three days.

Brent will average $73.60 a barrel next year, Barclays Capital said yesterday, raising its previous forecast 11 percent on rising demand and an expected decline in non-OPEC production. Brent has averaged $65.76 so far this year.

To contact the reporters on this story: Christian Schmollinger in Singapore at Christian.s@bloomberg.net ; Trisha Huang in Singapore at thuang14@bloomberg.net .
Last Updated: July 19, 2007 03:23 EDT

My guess is yesterdays trade of 500K was a sell as the sp is down this am,The mm,s in my opinion are not playing ggames with this simply reflecting lack of interest and NEWS!!!

You think someone sold 500k at above the price you could buy at all day capetown?

It was a buy - you could buy online at 5.2p all day!

Someone has obviously offloaded a load behind the scenes.

Although today, only 250k available at 5.2p

Ras,youre back in!!,interesting that a 500k buy has resulted in a small drop in the sp then,i like all holders wait for SER to do a BLR!!!

Yep, back in after that AGM statement. Very impressed with it but expected the price to stabilise and start rising.

Today, the actual price to buy has remained the same at 5.2p

But it does look like the MM's have more stock on their books to clear, hence the lower bid.

Hopefully this overhang will be bought up soon enough.

And as you say, what we await now is news and BANG - 90% rise at the open just like BLR.

Afternoon all! Desertion from ADV-FN has begun :O)

Hi Moon, anybody here I know using a different username?

Lets not tempt fate MM as the dreaded Yasole may appear here also! Lol

He wont, I have already been in contact with Ian at MoneyAM, he sent me this link which two of the conditions would wash him away - http://www.moneyam.com/tandc/contentstandards.php

Hello Mine Man its nice to hear from you and welcome

Hi MM, nice to hear from you.

Presume you know who RAS is?

Hi Mine Man. Hows it going?

SER doing a BLR?? Can't see that one, SER is a share with alot of value so any rises will be small over a sustained time period inline with oil prices...

Well it's never done that before explosive, so that doesn't seem to be the way it works at all.

I think it will do a BLR when news that the finance package is completed comes out.

The market doesn't believe this will ever happen at the moment, hence the low price.

Maybe once they have the finance and have started drilling, and the price is more like 10-12p or more, it will start to rise slowly over time like you suggest.

It needs to do a BLR to get back to pre consolidation levels i believe,BLR did.

RAS - The point I was making was even with finance and more wells the underlined reserve will still be the same, SER will only increase its rate of production. I personally don't think this will cause any significant jump in the sp. Lets see what financing deal SER can get with the recent interest rate hikes and strength of the $... Of cousre should another reserve be discovered of commercial interest then great but I suspect the field has been well analysed for such a find in the past.

I think that the key to future value in the short-medium term is increased revenues and profits from Tapia. The reserves may stop it going any lower but the fact is if they get production up to say 400 bpd, with their exceptionally low ltr costs they should be making a profit of around 2.5m per year, which justifies a shareprice of around 25p on it's own.

In addition to this you have the higher risk/higher reward of the CBM on which they are making headway and the blue-sky potential of Eureka Canyon with possibility of undiscovered deep reserves. Both these sides of the business will also be unlocked by the big increase in cashflow from increasing the production at Tapia.

So it all boils down to getting this finance package, which is why I say it is so important and will get the shareprice out of this rut for good :)