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 have 31st July flagged on my calender. Next 5 days should, hopefully, bring news.

Sp slipped 5%. Maybe disappointing news on the way?

I'm prepared to get my fingers burnt here as if I sell now : it would be at a loss so just have to sit through this....perhaps this was not such a great idea to be in this one, but you never know...still time for a surprise....

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what's wrong under 3p old currency?

Up 8% in the last 20 mins. RNS close methinks.

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Got to be news coming here.....not sure what will happen....might have to drill second well....or is it a success first time round ?....or is it a failure ?.....perhaps not as they seem to have encountered hydrocarbons.....

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6 August 2010

Kurdistan - Sangaw North PSC

Sterling Energy Plc ("Sterling" or "Company"), the AIM listed independent oil & gas, exploration & production, company with interests in the Middle East and Africa, provides the following update on its activities:

Sangaw North Exploration Well

Operations at the Sangaw North #1 exploration well have been halted following a failure of drilling rig equipment. The extent of the repair work is being assessed, however an initial assessment indicates the requirement for replacement parts to be imported and mobilisation of specialist engineers to complete the repairs. Sterling estimates that repairs may take up to 21 days to complete.

Following the satisfactory completion of repairs, Sterling will resume the drill stem testing of the prospective zones identified from the well data.

It was rising until this little setback.....so all is not lost just yet,.....might have discovered commercial oil....

Something is happening......no rns but rocket lkie increase in the sp...any news anybody ?....

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From LSE BB:

NOT BEEN ANNOUNCED OFFICIALLY YET, NEWS BROKEN BY KOREAN PARTNER TODAY, SEE:

SEOUL (AFP)--South Korea's state-run petroleum company said Tuesday it has discovered crude oil reserves in two blocks it is exploring in northern Iraq.

The Maeil Business Newspaper said the reserves in the Bazian and Sangaw North blocks in the Kurdistan autonomous region are estimated to total two billion barrels.

But the Korea National Oil Corp., or KNOC, said in a statement it was too early to estimate the size of the reserves. It said a formal announcement of the discovery would be made only after consultation with local authorities.

The Bazian block, in which a KNOC-led South Korean consortium has a 100% stake, holds an estimated 1.27 billion barrels, the newspaper said, quoting sources at KNOC and the Ministry of Knowledge Economy.

Sangaw North, in which KNOC has a 20% stake, is believed to have 790 million barrels, it said.

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GE Aviation proves the sky isn?t the limit with some of the world's most powerful and efficient engines Under a production-sharing contract with Kurdistan, South Korea would have some 410 million barrels, it added.

KNOC won exploration and development rights to the two fields in 2007 and started exploration in October.

Canada's Heritage Oil has already discovered a large crude reserve just three kilometers from Bazian, Yonhap news agency said.

The Iraqi central government has lodged a protest over KNOC's development of oilfields in Kurdistan and excluded it from its own oil development projects.

Iraq's officially confirmed oil reserves are the world's fourth largest at about 115 billion barrels, according to the CIA World Factbook.

http://www.zawya.com/story.cfm/sidZW20100810000041

KNOC 20% holding, DEFo the SEY field!!!!!!!!!!

see for confirmation:

http://www.shamaranpetroleum.com/i/pdf/Kurdistan_Oil_Gas_Activity.pdf

Thanks gibby....if confirmed...fantastic news....but needs to be confirmed...the sp could fly up to 200p......or more.....we need an rns....

required field - agreed mate - this is good news - come on rns!!
cheers

SEY are still only half way down the hole - they still propose to drill down to the jurrasic levels - Although nothing is yet confirmed, things look promising.

They have prehaps the chance of being three or four times the current price - looks like a fair gamble to make - down side 60P ? ( they still have about 100m cash in the bank plus other drilling prospects ) upside 400P ? or even better.

rekirkham

Korean oil firm finds crude deposits in Iraq

Korea National Oil Corp. (KNOC) has recently discovered two crude deposits in northern Iraq, Yonhap News Agency reported Tuesday.
A source at the Ministry of Knowledge Economy, who declined to be identified, said exploratory drilling operations by KNOC struck oil in both the Bazian and Sangaw North fields, Yonhap said.

He said that the exact size of the crude reserves has yet to be determined with a formal announcement of the discovery to be made after consultation with local authorities.

Industry experts have predicted the chances of hitting oil deposits in northern Iraq are high since Canada's Heritage Oil discovered a large crude reserve in the Mirian West-1 structure, just 3 kilometers from Bazian.

The discovery marks the second time ever that the KNOC has found oil abroad after its success at the Ada field in Kazakhstan in 2006.
KNOC won exploration and development rights to the two fields in 2007

http://www.koreatimes.co.kr/www/news/nation/2010/08/113_71165.html