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

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

.

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.

there's much better in the pond - i have been championing AFR for too long i guess, but at least that has decent "finds" already, and it is trying very hard at snail's pace to get up through 100/105

In that as well for what seems like years now...

well this week should be quite important - i want to find out either way as i need to consider where to put my sey profits next! be interesting to see how gigh the sp will fly if a positive rns ref rig which imho it will be - dont want to think of the other option!!

I should not bank on this week - Did they not say 3 weeks to repair the rig ?
That takes us to the end of this week if all has gone well
Then is it the wire line testing to complete ?
That may be another couple of weeks ?

God only knows when this hole will be finished,
remember the drilling was a couple of months
delayed because of rains, now 3 weeks for repairs.

Even now its only about half the way down.
If the top half is not great news, the bottom half may be.
I think all this waiting is testing our patience, and nerves.
Are their to be more drilling problems, from this ( I think Egyptian ) drilling co. ?

and i wonder who has to pay for all the downtime for both personnel and and awful lot of expensive peripheral kit and finally the rig repairs and perhaps/probably continuing rental on that too