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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Main target still in place.....these were secondary targets....

Sangaw North #1 Exploration Well

"The exploration well has been drilled to an intermediate depth of 2,395m and open-hole wire-line log data acquired from 1,450m to 2,395m. Analysis of the wire-line log data indicated potential hydrocarbon bearing zones and Sterling has completed open-hole drill stem tests ("DST") over two prospective zones identified from the well data.

DST #1 was performed using inflatable straddle packers to selectively test an open-hole interval within the Cretaceous age Kometan formation. During the 6 hour flow period, an initial recovery of gas was followed by flowing water with minor gas content.

DST #2 was performed with a casing packer set near the shoe of the 9 7/8" casing and an inflatable open-hole bridge plug set within the Cretaceous age Shiranish formation in order to test an open-hole interval of the Shiranish. Coiled tubing and nitrogen were used during the initial flow period to assist in flowing back the fluid column in the tubing and the heavy drilling mud in the open-hole section; the coiled tubing was removed when the well started to flow naturally.

Following an initial clean up period, the well produced gas at an estimated flow rate of 4 million standard cubic feet per day (mmscfd) along with some drilling fluids, however the gas flow decreased and was replaced with water, believed to be formation water, flowing at an estimated rate of 4,300 bbl per day. The well was then shut-in and then re-opened for a second flow period. The well initially flowed water and then produced gas at an estimated flow rate of 1 mmscfd, however again the gas flow decreased and was replaced with water at an estimated rate of 750 bbl per day.

The forward plan is to drill ahead through the remaining Cretaceous section to evaluate the Qamchuqa reservoir and then to the deeper reservoirs in the Jurassic. The well is expected to reach a depth of 3,660m during the 4th quarter of 2010.

Alastair Beardsall, Sterling's Chairman commented:
"The initial recovery of gas flowing to surface from these zones within the Kometan and Shiranish is encouraging; however the subsequent water flow from these zones is disappointing. We shall now resume drilling to evaluate the Qamchuqa and then on to the Jurassic Whilst drilling ahead we shall further analyse the DST results and the previously acquired log data to see whether further testing within the Shiranish and Kometan intervals is justified, once the well has been drilled to its final depth and the open-hole sections cased."

I half expected this.....market has savaged the sp... main target still in place....

But of course we don't really care do we, as RKH/DES profits far outweigh the loss here! ;o) Shame though, as I suspect this is going to be a p&a eventually & further fund raising.

sp slipping now under 2p old currency.

No news...very quiet.....could either be a duster or a fabulous gas discovery.....more likely the former....

Would,would,would....Sp starting to creep up....they wouldn't have hit something would they ?.....now that would be something....!.

Probably the bits they left down there on the first few attempts!! Hey SEY hit diamonds!!

Seriously though hope they do, bought 500 shares earlier this year so not looking good at mo, if they went back to where they peaked they'd be 14 a share would you belief!! Just goes to show how fortunes can change and how unpredictable some oil fields can be.

Still long term they do have prospects and cash (for now) all we need now is oil in Kurdistan and border disputes in Africa to be sorted out. Oh and as it's nearly the festive season let's chuck in world peace for good measure.

Anyway I can't sell em now as with my luck they'd hit the big time, but I can't face averaging down either just in case.

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Imagine where the sp would be now if they hadn't implemented a share consolidation....almost as if they knew that the immediate future would be bleak.

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Kurdistan Well Operations Update
"Sterling (AIM: SEY) provides the following update on operations in the Sterling operated Sangaw North block (53.33% working interest) in Kurdistan:

The Sangaw North-1 exploration well has been drilled to a depth of 3,396 metres, approaching the depth at which the Company plans to run casing prior to drilling into the Jurassic reservoir targets. While drilling at this depth, the well encountered a zone of high formation pressure with the result that hydrocarbon gas, containing approximately 0.5% hydrogen sulphide, entered into the well and pressure was observed at the surface.

While conducting operations to remove the gas from the well and eliminate the surface pressure, the drill pipe parted at a depth of approximately 850 metres.

The Company plans to circulate-out any further influx of gas from the well bore, eliminate the surface pressure, and retrieve the drill pipe and bottom hole drilling assembly from the well. These operations are challenging and may require additional equipment to be mobilised to the well site; the Company is unable to provide an estimate of the length of time that will be required to successfully complete them. Once they have been completed, the Company plans to run casing in the well. Sterling will make a further announcement at the appropriate time.

The entry of hydrocarbon gas into the well, whilst encouraging, does not provide information as to the potential for material hydrocarbon accumulations in the Jurassic reservoir target. Wire line logs and flow tests will be required to evaluate any potential reservoirs encountered and these have not yet been acquired."

I reckon that this could be a very large gas discovery.....shame about the technical problems....but if this turns into a trillion cubic feet strike....250p again or more...no doubt....

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Not a clue...but I think that pipelines are not too far away.....if that's how gas is transported...

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Yes.....at a loss....will stay put and hope for the best....gas does lie above crude and sometimes just before entering reservoirs.....don't tell me that they are going to get lucky...I will have a job in believing it....

Well I've added for good or for bad.....they do have other prospects elsewhere and these gas signs are pretty good....looks like there is perhaps at the very least a small commercial interval somewhere here....and who knows what lies in the reservoir targets ?....with a market cap of 135 million pounds or less : this is starting to look like a heck of a good bet....