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

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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

double post

waba - 10 Aug'10 - 11:12 - 1878 of 1885


Email responce to this report

Dear xxxxx


The report in todays Korean press about Sangaw North, attributed to KNOC, has been made without our authorisation. In our opinion this is speculation and premature. The rig at Sangaw north has broken down whilst testing prospective zones in the Cretaceous we shall announce when the rig is repaired we have resumed our testing programme.



Regards,



Sterling Energy

from the email

we have resumed our testing programme.

they did say a max of 3 weeks from 6/8/10 i seem to remember so excellent
s!
gla

Topped up here this am.

Translation

SEOUL, KOMPAS.com - state-owned oil company of South Korea, Tuesday (08/10/2010) says, has discovered crude oil reserves in the two blocks are being explored in northern Iraq.

The Mail Business newspaper said the reserves in the block Bazian and North Sangaw in the autonomous region of Kurdistan is estimated to total two billion barrels.

But the Korea National Oil Corp. (KNOC) said in a statement said, too early to estimate the size of the reserves.

It said the official announcement of the discovery will be made after consultation with the local government.

"Block Bazian, a South Korean consortium led by KNOC and controlled 100 percent ownership, there are estimates of oil reserves amounting to 1.27 billion barrels," the newspaper said, quoting sources in the KNOC and the Ministry of Economy.

"Sangaw North, where the KNOC has 20 percent stake, is believed to have 790 million barrels," he said.

Under the production sharing contract with Kurdistan, South Korea will have approximately 410 million barrels.

KNOC won the right for both exploration and development of these fields in 2007 and began exploration in October.

"Heritage Oil of Canada has discovered crude oil reserves of only three kilometers from Bazian," Yonhap news agency said.

Iraq's central government has filed a protest against the construction of KNOC in the oil fields in Kurdistan and excludes from its own oil development project.

According to the CIA World Factbook, Iraq's official oil reserves confirmed is the fourth largest in the world around 115 billion barrels.


cyril

A photograph?

http://internasional.kompas.com/read/2010/08/10/20541439/Perusahaan.Korsel.Temukan.Minyak.Mentah-3

cyril

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well if all goes to plan we should have an rns this week as 3 weeks up 27/8
gla

Hope it is positive.....I had doubts at the start...bought in and more and now might get my fingers burnt.....cannot sell out without a bad loss so will stay the distance....the rig has to be up and running first....

Might be a good time to buy....1. rig should be nearing back on the job, 2, testing then to resume.3, chart shows drop has been possibly overdone. 4.they have encountered hydrocarbons of a sort so perhaps on their acreage a commercial discovery is possible even if it is not in this well.....

i see no compulsion to buy into this company .... though their well (sangaw) in kurdistan MAY come up with the goods, the rest of their portfolio looks unimpressive to say the least, all sites being involved in assorted disputes or being abandoned

It's risky to say the least but a short term gain could be on the cards because it has jumped before on a little bit of good news, on a discovery it would fly but it's a toss of a coin for that.