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

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....

RF .... are you bonkers!!?? ..... chart says it all

It's not the chart ...it's what is going on ?.....they might have problems with the drilling but this should be resolved and then they will drill into the primary target.....loads of gas shows.....also....they have acreage elsewhere off the east coast of Africa....in the indian ocean....135million pound cap.....risky....but there is a big chance of a jackpot hit here...very big chance.....it's a gamble....

Also....just a fraction when compared to what I have in XEL.....

roulette is similar odds

Well,...we shall see....not bothered at all.....if it does not come right...will leave on the back burner until the indian ocean drilling....there were oil seeps on the surface,...with pictures on their web site......could have been triggered by earthquakes or such....plus they have a multitude of gas shows so far....

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Careful this one could fall to20p.

It's risky....but the upside couls be massive......we were saying things like this with GKP when it was around 11p....read through the information put out and there is a very strong possibility of gas condensate being down there.....I doubt if it's water....I would not load up on this but a punt is a punt....I'm prepared to take a knock and have to sit tight for a year or so....

I would get in when it falls to 20-30p

so why don't you short it?

Because SEY may not get to 30p... If it get there, there is a higher chance it will rise from there.