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'm expecting a surge forward on drillbit recovery......

I thought one should always average down on a rising chart??? It looks like a falling meat cleaver atm.

Why is the price up today ? Do insiders know something that we do not ?
Have they recovered the drill stem ?

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mnamreh - Maybe we shall have a RNS any time soon, after all the insiders know.
DES is Falklands, and all the world knows GKP have oil just about everywhere.
It would be good to see somekind of acurate valuation made for GKP in relation to the proven and probable reserves and the market capitalisation. Is it still cheap or what !

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Harry, one should always average up! Not down!!

I'm sure you are correct, pth. I feel my comment was highlighting the lesser of the two sins!

This has woken up !......drilling to continue into target area ?.....could be the turnaround of the century here.....(I'm only dreaming)....

Let's hope you have a wet (oily) dream then rf!!! ;o)

Up 20p in 2 days.....

Something afoot here.....one hell of an increase here.....

Looks like I was right to buy some more about a month ago....

Was 60p at closing on 29 Dec - now 85p / 86p = 41% gain in 2 days

We must have some good news shortly ?

Someone wants the shares -
they have probably got hold of the broken drill stem

If they have got the broken drill stem we shall probably be back up to about 140p,
where they were before they had problems and when they found gas.
We shall know perhaps within a couple of days !

Could be a huge turnaround for this company if they hit a big gas strike.

lookin good rf.,.

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.

Since the last update on 23 November 2010, operations have been conducted to remove the hydrocarbon gas, containing approximately 0.5% hydrogen sulphide, that had entered the well bore and to retrieve the drill pipe that had parted at a depth of approximately 850 metres.

The gas influx has been contained, removed from the wellbore, and flared. The drilling fluid in the well bore has been replaced with heavier fluid to control the higher formation pressure encountered at the base of the well.

The drill pipe in the well bore has been adversely affected by the hydrogen sulphide within the gas, with the steel becoming brittle and prone to fracturing. Consequently, operations to retrieve the drill pipe have been challenging with drill pipe being recovered in lengths of between 1 metre and 120 metres, and operations being required to clean smaller pieces from the well bore.

The top of the drill pipe remaining in the well is at approximately 1,670 metres, some 220 metres below the bottom of the existing casing.

Recent operations indicate that the structural integrity of the drill pipe is improving with depth. The Company plans, based on the increasing rate of recovery, to continue retrieving drill pipe to reach the bottom hole assembly. However, if the rate of drill pipe recovery does not remain sufficiently high, the Company may proceed to abandon the existing wellbore at a depth in the open hole above the remaining drill pipe, sidetrack at this depth to a new well bore and re-drill the remaining section to the planned casing point.

These operations are challenging and 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

One thing for sure ; there is gas down there....