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

Weird....I don't know and this rise here is strange because if and when with AXC they drill and they come up with nothing : this company will be stuffed !.

To required field -

Have a look at " vastexploration.com " for detailed map of Kurdistan licences and another map for discovered oil fields. GKP has two new licence areas to the north of their existing areas. It seem GKP has a share in about 1702 sq km, and SEY about 493 sq km.

Kurdistan contract reports they say licence area of Sterling Energy is "low risk, high potential" also it is between Kirkuk oil field and Heritage discovery.

Bank extended credit facility in about April because of "inherent value". Oil price has since moved up, and Henry Hub ( Louisiana ) gas price moved up a little, so inherent value must have increased , not decreased, therefore unlikely that SEY will have problems with their bank.

What is going on today ? lots of buying then quite a lot of selling ? Perhaps their is a press article somewhere or something ? I do not know why so much trading today , does anyone ?

Thanks rekirkham, ....people speculating on big discoveries...I can't make my mind up on this one...

Perhaps I need some "Bucks Fizz"....making my mind up....(I think it goes like that)...

>> Perhaps their is a press article somewhere or something ?

Mentioned yesterday on oilbarrel as one to get into if you missed the boat on GKP

Possibly but the risk is much, much higher....massive debt and not yet discovered anything as they have yet to spud !.

was in now out, had work to do so had nice profit at 3p but wished i could have stayed for the 4p. ah well in the words of cynic... a profit is a profit..:)) may be temped to go back in when it drops to 2p again.

I had a look at the very detailed map of the Kurdistan area (thanks Rekirkham), at there are a heck of a lot of drilling areas....the trouble is that not everybody is going to hit the jackpot so luck has to play it's part in a successful drilling campaign.

SEY on a wave today.

sort of true, but its sp is so minuscule that the smallest movement is exaggerated in % terms ..... personally, i think this company has so many underlying problems that there are better places to invest

IT IS GOING TO GO NORTH NOW

why? .... it's currently up a whole 0.42p and spread is a surprisingly tight 0.15p at the moment, but that still means you need an awful lot of shares even to buy some fish n chips

It really does not matter how many shares you want to buy, what matters is how much cash you want to risk. Being an AIM share the spread is usually wide, but occassionally does narrow.

The good thing is that if they issue more shares then their bank problems will be a thing of the past, and they can get on with generating a profit. Existing shareholders will both loose out ( gearing down ) and gain ( bank liability lifted ).

Their only problem will then be the sale or otherwise of the USA assets. They could even perhaps hold on to these, rather than accepting a poor sale price, and wait for a better gas price.

It will come right I believe after all this uncertainty. God willing

RNS not good news are the lenders going to foreclose? Better buy the fish n chips!

i think you and i agree for a change - lol

Very risky....they would have to raise funds at 2p and sell everything apart from Kurdistan.

artical in todays FT. " SEY will issue 100million pounds of equity, half of it will go to ONE investor"???

On the 6th August I posted somewhere else .............


Master RSI - 6 Aug'09 - 22:01 - 2404 of 2724 edit
A little bird has told me that the directors are working hard in making a cash call,
naturally below the recent price and before the bank debt agreement is due by the
middle of August.

Once the cash is raised the prospect for the company will be supper and a rise for the
share price into 5 to 7 baggers.

11-Aug-09
13:54 Sterling Energy to raise up to USD 100m within seven days, new investor to provide up to half of new equity - sources
Story Sterling Energy, the listed independent oil & gas explorer and producer, will raise up to USD 100m in a share placement in the next seven days, sources familiar with company said.

One new investor will take a 50% stake in the equity raising with the remainder subscribed to by existing shareholders. Meanwhile, the recovery of the oil price this year could aid efforts to offload its US assets, one source said.

Sterling Energy declined to comment.

Sterling, which has interests in the Gulf of Mexico, Africa and Kurdistan, said yesterday it was currently exploring a number of options including a sizeable placing of new equity at a significant discount to market price. The company also said it was continuing to talk to interested third parties regarding a partial or entire sale of the company.

In June the group announced it was in preliminary takeover talks with parties rumoured to include Argentine oil investor Carlos Bulgheroni, who is reported to be keen on getting a foothold in Kurdistan.

Last year Sterling hired advisors to sell its onshore and offshore Gulf of Mexico assets in order to focus on Africa and Kurdistan. A source familiar with the company said this sale had been hampered by last year's wild swing in the price of oil but that sale prospects had now improved as oil was trading consistently at around USD 70 p/bl. Last winter the oil price hit a low of USD 30 p/bl from USD 150 p/bl just six months previously. The planned sale of the companys US business was designed to pay off its debts and a repayment waiver granted by its lending banks expires this month.

Sterling is operator of and has a 53.33% stake in the the Sangaw North Block in Kurdistan. The block is held under a production sharing contract and includes Addax Petroleum (26.67%) and KNOC (20%) as partners, according to the company's website. Well planning continues towards the drilling of the first exploration well on the block during the fourth quarter 2009, the website states. A market source believed this would take place in October or November.

Major shareholders include Invesco with 29.52% and Denis O'Brien, the Irish entrepreneur (15%). Turkey's Genel Energy, which is merging with Heritage Oil, the UK-listed oil and gas company, holds a 1.65% position, according to a filing on 9 June 2009.

Last Friday shares in the company closed up 41.7% at 3.3p. The company's shares finished today at 2.8p giving it a market capitalisation of approx GBP 64.5m. Around 29m shares traded against its three month average daily volume of 11m.

by Ed Vinales and Lawrie Holmes
Source dealReporter

RNS : 1.3p placing...I thought it would be 2p.....plus offer......this looks like a short at the moment and when everything settles down then it might be a buy....1.3p ouch !.