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 was expecting this to be above 20p by the end of this month!!!

me to

I wasn't!

New article, click HERE

SEY at 3.65p or so....a few years ago this was 15p plus....and now a placing...but at 2p....that will pull the sp down even more...2p to 3.65p...that's a big difference !. Their make or break time will be the Iraq drilling with AXC next year !.

Even if Iraq doesn't come good after the US sale SEY will still have some producing assets. Too much debt against a falling commodity price is the current problem.

This is another one that has fallen over the cliff.
Who is to say that thje price of oil will not continue to fall.
After all ,was it not at ludicrously high levels!The justification for which is hard to fathom.

how much bottle of water? 80p or so..........in that case, oil is cheap IMHO. all the technicalties, plus political issues make it very cheap and its running out in next decade.

Water will not run out that quick, ridiculous to spread such nonsense.

Back to Sterling, this is on a knife edge IMO.

If the US asset sale stalls then things may go from worse to terminal come spring next year. The interims make it plain enough how close they have come recently, if you are brave then try to bottom pick it, but realize that even if Sangaw comes good, it will only put 7p on the share price after this recent farm out/dilution.

Madagascar may be on later next year, Mauritania may produce more oil from Chinguetti, will that be enough and in time?

(I have no position now after trading here and there and wont be buying anymore)

A great deal of buying in this one today,but look at the price!
Any prospects for a recovery on the horizon?
The price of oil should stabilize around these levels.

Anyway back in this yet being so it's dropped like stone for no real reason that I can see. Hs it hit the bottom.

Ted the problem here is that they will probably be forced into a fire sale if buyers can't be found.

I look back at First Africa Oil where I also held for a while, the same could be happening here.

The large shareholders will take a paper loss on the chin if they think they can get a better management in to do the best for the assets.

I note EVO and Gartmore are trading around the 4p mark which does not fill me with confidence for any better than that either in cash or in paper, but holding the few I do bought for just over 2p having said I would not do it again, I did, I will hope for a better outcome later on.

EVO are the house broker so why should they do this if they realistically expect a better share price to come from any offer for the company?

As I have already said concerning them, they have their own agenda which may not necessarily coincide with ours.

Has it hit bottom?

I would hope so but with FAO it went for a smidgen of it's former share price to Bowleven as an example.

As always dyor, I am but a prat, lol.

Interim report says - "sale of USA assets should complete by end Nov early Dec" .
Why do directors not inform us of their progress or problems, as no news issued ?
What are shareholders to believe with this disappointing Co. ?
It seems they do not want to issue news and progress reports. Why is that ?

I have even emailed SEY information offices in UK and USA, asking for a progress report, about USA sale, but both ignored my emails ! What else can shareholders do ? Let me know.

no news is def bad news in this instance

Was supposed to be a sale of US assets before before Christmas and the news famine does back up yours and my thoughts.

Still a couple of days to go however the price of gas and oil is not helping them even though some oil is hedged, the gas isn't!

No position currently but an avid follower of the fortunes of this company having once held a shed load.

Will everybody please do me a favour and send emails to -

info@sterlingenergyuk.com and also to info@sterlingenergyusa.com
asking for an up date of planned USA asset sale.

If they receive several emails we may shake them to give
some answers - either bad or good

Bob at email - robert.kirkham10@virgin.net

if there was good news, you would have had it soon enough

No information of the possible sale of US assets and I would suggest the first credit review by the Company's Bankers is now underway as indicated in the September placing document.

Details highlighted below.

http://www.sterlingenergyplc.com/uploads/sterlingenergyplacingannouncement30sep08final.pdf

"6. Working capital
In the opinion of the Directors and assuming the completion of the Placing, the working capital available to the Group is sufficient for the Groups present requirements, that is for at least 12 months following Admission. However, in the event that Shareholders do not approve the Resolution, the Placing will not proceed and the Board will need to consider alternative sources of funding, which may or may not be forthcoming.

Following the recent Borrowing Base review, further debt repayments of US$7m and US$6m are scheduled for February 2009 and August 2009 respectively under the Borrowing Base Facility Agreement. In January 2009 and July 2009, the Companys bankers will undertake a further review of the Companys Borrowing Base at which points the Borrowing Base may be increased or, in the event that the Company does not perform in line with expectations, the Companys bankers may seek to further reduce the Borrowing Base requiring additional payments from the Company. Any re-determination of the Borrowing Base will be based on
the Company's bankers determination of certain economic and technical assumptions. However, in the event that the Company is able to achieve a successful sale of its US assets the Company expects to repay the outstanding debt under its Debt Facilities and the Company expects to have a surplus of cash available to fund its working capital requirements.

Shareholders should be aware that in the event that the Companys Borrowing Base is further reduced by its bankers or the Boards revenue expectations are not met, the Company may require additional funding sooner than anticipated, which may or may not be forthcoming." (Their bold print)

poo - how's it going???? i cant beklieve this thread is still alive!!!!

are you still invested?