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

Started drilling begin 1 Feb - but had initial problems
Drilled 1095 by 7 May
Approx 370 average per month
Top of cretatious level said to be 1700 - at this level could find 804 m barrels
Therefore should be at cretatious level towards end of this month ( June )
Then drilling through cretatious level to hopefully more reservoirs at jurasic levels
Total depth initially 3660
May extend to 4160

Watch the share price like a hawk -
If good volume and a price rise over the next two / three weeks, or some directors buying - it could be a signal the drillers have seen oil traces in the drilling mud ?

Sp : up by a few pennies....difficult play this one....I'm prepared for an oil no show but the upside could be of RKH proportions...

.

RNS out drilling update:



10 June 2010



STERLING ENERGY PLC

("Sterling" or the "Company")



Sangaw North Exploration Well



Sterling, the AIM listed independent oil & gas exploration and production company with interests in Africa and the Middle East, is pleased to provide the following update on its activities:

Kurdistan - Sangaw North PSC

The Sangaw North #1 exploration well is currently drilling ahead at 1,505 metres.

Since the last update on 7 May 2010 two intermediate casing strings have been run; 13 5/8" casing was run and cemented with the casing shoe at 1,053 metres TVD (true vertical depth) and 9 7/8" casing was run and cemented with the casing shoe at 1,448 metres TVD.

The well bore is currently being drilled through the Shiranish horizon, the uppermost of the prospective Cretaceous aged formations in the Sangaw North prospect. While drilling this section gas shows and drill cuttings with fluorescence have been observed, both are indications of hydrocarbons being present in the well bore.

The well plan is to drill through the Shiranish and then continue drilling to evaluate the prospectivity of the Kometan and Qamchuqa horizons in the Cretaceous and the deeper potential reservoirs in the Jurassic.



Alastair Beardsall, Sterling's Chairman said

"The gas shows while drilling are encouraging; we will continue our drilling and evaluation programme to determine the prospectivity of Sangaw North."

Short lived bounce. On target drilling, no problems with indications of hydrocarbons, but a long way to go yet.

hope it holds around 140p

I think it will hold at least 140p and drift up to 165p over the next couple of weeks.
After the next two weeks we will be into the cretatious level with perhaps more good news. Then more drilling for several months to lower levels.
I'm hoping for 3.50 per share by Sep/ Oct / Nov ???

Bought 10 000 @ 149p, put in a trailing sell stop order for a 20p drop just incase.
Current benchmark for sell 147p.
Fingers crossed.

that whole region is one big oil well

i also bought more at 152, looking good. don't mind the wait.. happy xmas me.

just under 400 mtrs / month, must be difficult drilling, late august / sept to get to full depth. Hope the gas and hydrocarbon shows keep coming.

test

Great update...it just shows how the sp can move.....with a discovery : you'd be looking at several pounds !.

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wa there a consolidation along the way in s.p.s

I'm tempted to say no. You badly missed the boat, mbugger. Meteoric rise in the sp following no news at all.
However the truth is that on 24th Dec '09 there was a 1/40 share consolidation followed by an open offer. Hence the current sp, which is just as well otherwise we would have fallen to almost a penny share before the latest RNS.

Wakey-wakey !......sharp upturn...hydrocarbons encountered ?.....

That was shortlived !....diving now...

I have 31st July ringed on my calender, so I assume that is the target date for TD?