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

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

.

.

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 !

.

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....

There is no reason for SEY to drop back today.
We all knew the drill stem was stuck
They tell us they are getting it out piece by piece
and it seems to be less britle as they go down.
They tell us that they will get as much out as they can, or all of it.
They tell us they can sidetrack the well to go deeper if at any point
where they can not get more drill stem out.
They have found gas and should still be going deeper

Its problematical but everything is still in play, and it is better then
an irrecoverable drill stem

What's the problem - why the drop of 9p in share price ?
It will probably be back up in a couple of days, when Market Makers
have made a bit of cash out of the situation.

Kurdistan Well Operations Update

Sterling (AIM: SEY), the independent oil and gas exploration and production company with interests in the Middle East and Africa, provides the following update for the Sterling operated Sangaw North block in Kurdistan (53.33% working interest).

Since the update on 6 January 2011, a further 280 metres of drill pipe have been recovered from the Sangaw North No.1 well and, with the top of the remaining drill pipe now at approximately 1,950 metres, further progress in recovering drill pipe has not been possible.

The well will now be side-tracked and re-drilled to approximately 3,300 metres, the depth just above where the previous influx of gas was recorded. At this depth, casing will be run and cemented prior to drilling deeper into the potential reservoir section that is believed to contain hydrocarbons.

The Company estimates that re-drilling the remaining section to the planned casing point will take approximately 45 days.