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

Hi prop.

No, morbid interest now really but I have been in and out on a few trades, and may again, but I only hold for a day or so, but none in recent history.

As the days pass with no update on the sale of the US assets, the more I think they are fooked.

What are you up to lately?

I am playing mainly in Uganda E&P's and done really well having banked some last year.

If one looks at Gulf Keystone latest progress reports for Kurdistan, it is shown that Sterling acreage is next to Heritage acreage, or very near, and on the Kirkuk oil field side. It appears that Heritage Oil ( HOIL ) may have a major oil find on their acreage, being sweet light crude and near an existing export pipe line. They say will take the next few weeks to do tests etc. Heritage is up 10% today and has been rising for the past three months.

SEY say they will be drilling in Kurdistan (Addax rig) towards the end of this year, and seismic surveys are very encouraging.

What price SEY if they are lucky in a year - 30p / 40p / 50p from todays price of 1.70p ?

SEY is well worth a punt, and am surprised it has not gone up with Heritage news.

because SEY has found nothing and will not be drilling for several months and who is to say they will find anything at all

To Cynic -
I suggest you forget share trading as you seem not to know much about it, and are very negative towards all MoneyAM posting threads and you want to treat them as a joke.

I told you Sterling Energy was on the way up because of Kurdistan - Heritage Oil, and Keystone Oil. If you have not bought, who is the joker now ?

Please do not waste my time by replying to any more of my threads.

This one continues to creep up, am wondering if theres something brewing????

Volume is rising again today and offer holds at 1.90p despite large buys,
some of the investors are paying 1.93 and 1.96p well over the offer price 1.90p

SEY is short of big cash, as they have not sold their Gulf interests as they wanted. This does not matter too much, as they have farmed out a share of Kurdistan to Addax in return for reimbursement of siesmic work and the cost of drilling the first well - SEY is still left with 53.33%. - pity it is not more like 75% - but still OK.
Korean National Oil Co have "a back-in interest" of 25%.

I understand the SEY Kurdistan block is about 492 sq. kilometers, with several oil seepages on the surface. It is about one third the size of the Addax and the Hertiage blocks, but closer to the Kirkuk oil field. The block is said to be "on trend" with Addax Taq Taq oil field, and only about 50 kilometers from the giant Kirkuk sweet light oil field. It does looks very encouraging.

If SEY run out of cash in the future, it does not matter as their Kurdistan 53.33 % interest could be worth a fortune in its own right, and neighbours Addax / Heritage / Korean National Oil, may want to buy in. The block will have a value even if only the first well is drilled by Addax !

How does one value SEY ?? -- with a lot of guess work and a prayer ?

SEY market capitalisation is 40m at present, Heritage market capitalisation is 900m at present, this is known.
SEY have some small interests in Mauritania and large acerage onshore in the Gulf mainly for gas, and perhaps are drilling with Exxon offshore Madagascar this year ? Heritage are big in Uganda with Tullow oil and have other interests.
Heritage market capitalisation has gone up by about 300 m since the news about Kurdistan broke. Will SEY market capitalisation go up by - say 120 m for Kurdistan or 180 when market sentiment improves ? It's a guess.

Say a total of 160 m or somewhere around 7.2p per share by about the end of this year ?
- 400 % gain because of high gearing with present small market capitalisation ?

Refer also to Gulf Keystone " Investor Presentation Feb 2009" page 21 for picture of SEY block. As I see it - one needs to be a little patient with SEY and wait until later in this year, but a find in Kurdistan will transform things.

I have nearly one million SEY shares, bought before the crash and am holding on -

rekirkham Accountant and Barclays deZote Wedd Investment Analyst in 1980's .

rekirkham, were you any good at it?

Only I know a retired investment banker who has lost a packet of his own cash during the fiasco of last year, just would not listen to me a novice, in comparison.

And then there is this to consider.

http://www.ft.com/cms/s/0/285e9c8c-2d43-11de-8710-00144feabd...


"US producers run low on energy to beat recession

...In recent months, there have been eight announcements of forced sales, bankruptcy filings and notices of possible filings, with the most recent warning coming from Edge Petroleum in March.

These are not immaterial companies: 56 per cent of US natural gas and 59 per cent of US oil is produced from companies with fewer than 20 employees, according to the Independent Petroleum Association of America, which has 5,000 members...

...The number of land rigs operating in the US has fallen by 1,000, or 48 per cent, since the October 2008 peak, he said - the steepest drop, on a percentage basis, since the 1980s oil crisis.

"We have seen 20,000 employees disappear in the last 90 days," Mr Mason said.

Texas, which produces nearly one third of US natural gas, and employs almost half the workers in the US oil and gas extraction industry, has just gone into recession."

I would guess that spells the end of any thought about selling the US assets."

Plus of course the unknown state of the banking facility which is why I have posted the above item here.

Comments?

Poo Bear - I am not always right, but hope to be right slightly more often than being wrong. Thanks for the information - most interesting about the USA.
SEY Annual Report is due out about 1 May - in about one week, and this should throw some light on the situation. Good luck, we all need it.

Good news, they have a back waiver on the loan RNS issued, no offence meant rekirkham.

Let there be light!

SEY on the rise again, it hit 2.50 yesterday hope it goes on up. Good volume today, slow but sure.

Any guesses what the takeout offer was?

It will hopefully pass 4p before any offer is made IMO

lizard
re - Any guesses what the takeout offer was?

The poor 3 monkey think you are taking the ....    

Just remember the US assets alone were worth 16 pence prior to the last dilution for survival.

We may get a shock here yet!

Positive
INDICATORS RISING with volume

Been a while since 33m shares traded. Majority buys?.

Well today is already 25M and is only 11.15am
rising nicely also to 2.15 / 2.18p at the moment

Early news today from HOIL, Kurdistan field close to it ..............

HERITAGE OIL ANNOUNCES A MAJOR OIL DISCOVERY WITH THE
MIRAN WEST-1 WELL TEST IN THE KURDISTAN REGION OF IRAQ

Heritage Oil Limited (LSE: HOIL), an independent upstream exploration and
production company, announces a major oil discovery in the Kurdistan Region of
Iraq and the completion of an initial test programme on the Miran West-1 well.
The results are summarised below:

Miran West structure estimated oil-in-place of between 2.3 to 4.2 billion
barrels
Recovery factor expected to be between 50% to 70% due to the highly fractured
nature of the reservoirs
From the pressure data recorded during testing management estimates flow rates
of between 10,000 to 15,000 bopd per well
Miran West-1 well has an estimated gross oil-bearing interval of 710 metres
Oil produced during testing was medium gravity (approximately 27degree
API),with low sulphur, a low gas-oil ratio and with no water
Miran West field development will be low cost and straightforward to
fast-track
Potential for trucking production for sale by year-end 2009
Success of Miran West-1 has significantly lowered the exploration risk of the
adjacent, similarly sized, Miran East structure


It was announced on 25 March 2009 that the Miran West-1 well had reached target
depth. Several drill stem tests (DSTs) were run over a gross interval of 500
metres, covering the three major producing reservoirs in the region: the
Shiranish, Kometan and Qamchuqua formations.

On the move UP today after starting weaker again, and loosing yesterday all the gains on the morning