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

in such a booming market it's hard to know which still have the most legs, but any of the following are worth a look ....

TLW, AFR, AMEC, CEY, CSR, POG, KAH, PMO, MCRO, WMH, FTSE, DOW

how many do you want?

Thanks Cynic for some ideas - I will trawl through them. I know AMEC was tipped in the Sunday Telegraph. Tullow's oil in East Africa is said to be waxy and may require a heated pipeline, but I shall have another look at it, together with the others. I have not traded indexes before such as FTSE or DOW.
I usually do day trading with CFD,s and Direct Market Access, following the free charts I get when logging into my IG Index account ( although I do not now do spread betting ). I seem to remember that you trade CFD,s.? Thanks again.

i'm certainly not nearly brave enough to day-trade ...... seems to me, that unless you have very sophisticated methods and discipline and a very deep wallet, it is the certain road to perdition

What makes me think that when GKP calms down : there will be a part switch over to this.....I think the only way to play SEY is the "free ride syndrome".....buy a lot : it rises (we hope) and sell half later and leaving the remaining amount on an all or nothing sort of thing....those in at a lower price can do the selling at a lower price of course....risky but Gulfkeystone are pulling this one up.

required field - What you may consider with SEY - They will have the "Open Offer" and probably share consolidation in November, which if you take up the offer you will have 11 shares for every 9 now but at a reduced price, which as I see it may not effect the value much; plus they may start drilling in mid December, and probably get near to the first geological level by about ?? mid february, which means others may buy in anticipation of an oil find. If you do not want the risk sell all or half towards the beginning of february. I think that would be a far play. I don't see any bad news ahead, as the bank problem is now sorted, plus they may get a farm in partner for Madagascar, or clearance with the boarder disute near Cameroon.

the bad news would be a duster, and that would be a disaster for a plankton company/share like SEY

required field - Alas there could be a problem with those guys in Bagdad, and the "illegal" Kurdistan oil drilling contracts, but Kurdistan oil exploration has probably now got too well established, and Bagdad needs the cash !

none of that matters one jot if SEY fail to find commercial quantities of oil with their first try ..... you have or should have read that the odds are about 4/1 which is about the norm

Yes....and today's news is good because selling the USA assets could have gone on for another 6 months or so, perhaps longer...even though I still think this is overvalued,... if the market prices it up : it goes up....the offer will not have any bad effect on the sp at all in my opinion and I reckon we shall see 8 or 9p for the sp way before any oil is discovered.....this does look a lot better than a few months back......we need to check the seimic on this new well....

Evolution says 6p and if they hit oil, many times that.

no wonder that the share have been a bit weak lately .........


Westmount disposes of 15m Sterling Energy shares

Westmount Energy says that it has disposed of 15m shares in Sterling Energy at a price opf 4.7p each.

The Company says that it now holds 65m shares in Sterling Energy and 5.1m shares in Desire Petroleum.

The Westmount Board comments that the next six months should be an exciting time for Sterling and Desire with drilling expected to commence in Kurdistan on Sterling's acreage and the long awaited rig will in November commence its voyage to the Falkland islands with drilling planned by Desire for early 2010.

so why are they selling?

Precisely !....at a guess : probably profit taking with free ride on a certain amount of stock and now capital in hand.

I am talking about ME..

Just bought in, going to take the gamble on Sangaw. Impressed Mr Denis O'Brien EX Deputy Governor Bank of Ireland has a 14% interest in the stock.

http://www.londonstockexchange.com/exchange/prices-and-news/news/market-news/market-news-detail.html?announcementId=10183461

Must be Rights Issue time for these boys very soon?

"Further to the Placing undertaken in September 2009 that raised 62.5 million (gross) at 1.3 pence per Ordinary Share, the Board stated it was Sterling's intention to undertake an Open Offer to raise approximately 20.6 million at the September Placing Price of 1.3 pence per Ordinary Share, which will give Shareholders the opportunity to subscribe for two new Ordinary Shares for every nine existing Ordinary Shares held at the Record Date of 8 September 2009.


The documentation for the Open Offer, which will include an excess application facility, is currently being finalised with Sterling's advisers and the UKLA. Sterling intends to launch the Open Offer following the sale of its USA assets, announced on 20 October 2009. The sale is expected to complete in early December, and the Company expects to close the Open Offer prior to the year end."

Sterling (symbol: SEY) is pleased to provide the following update on its activities:

Kurdistan- Sangaw North PSC.
"In the Sterling operated Sangaw North block (53.33% WI), the drilling rig is now in transit to the well location and the well is scheduled to start drilling in the second half of December. The planned total depth of the well is 3,660m, with an option to drill to 4,160m.

The well will target several prospective reservoirs in the Cretaceous. An independent review of the Sangaw North prospect undertaken by RISC (UK) Ltd gives a best estimate of gross prospective oil resources for the Cretaceous interval of 804 million barrels. If the well is drilled to 4,160m it will also test potentially prospective reservoirs within the Jurassic.

Sale of USA business
The sale of the Company's USA business is progressing well and is expected to be completed in early December. The proceeds of the sale, after costs, will be used to repay the outstanding bank debt and the remainder will be used as working capital.

Proposed Open Offer to Shareholders
The Company is completing the prospectus for the Open Offer and proposes to post the document after the sale of the USA business is completed."

Sterling (AIM: SEY) is pleased to announce that it has today completed the sale of its USA business to the Atinum Group from Korea. The Company's outstanding bank debt has been repaid in full. The sale process was handled by BMO Capital Markets

Terms of Sale
The initial sale consideration was $90 million with an effective date of 1 April 2009 and on completion was adjusted for intra-Group cash movements since 1 April 2009 and other costs.

In addition to the initial consideration, there is a three year 'upside sharing agreement', under which Sterling is entitled to a 40% share of the annual excess net production proceeds (arising from the disposed USA business) if the average realised oil price exceeds $90 per barrel and/or the realised gas price exceeds $9 per thousand cubic feet in any of the years 2010-2012.

Use of Sale Proceeds
After adjusting for cash received from the USA business since 1 April 2009 and the various bank and other expenses associated with the sale, Sterling's net consideration is $78.9 million on completion, of which $8.3 million is held in escrow pending USA tax clearances; Sterling expects these clearances will be obtained within the next 180 days and will result in the receipt of the full escrow amount.

All of Sterling's outstanding bank debt of US$71.6 million has been repaid; the Company is now debt free. Sterling's cash balance is currently $73.4 million, including the US$8.3 million held in escrow."

RNS proposed share consolidation 1 for 40 after latest capital raising.