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

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.

Might turn into a huge success....

SEY said redrilling will take approx 45 days from 27 January.
About 12 March when they will be back to the depth they were previously.
Then they will line the hole I understand before going into jurassic and triassic levels.
Share price was about 140p in January and about 70p now.
In 9 or more days SEY will be going into unexplored levels
Dana ( next license ) have gas, Heritage ( nearby ) have gas and oil, SEY had some gas traces. -
I suspect the share price will drift up over the next few weeks, in expectation of some news
Any comments ??

Yeah .......if this f**$*g share doesn't f*"$%**g get going soon I am going to be f**^%*g p*ssed off! If they hadn't consolidated the stock it would now be at junk status.

Could easily double.....risky with a huge upside in the event of a commercial gas discovery.....and if it's oil : the sp would quadruple.....now wouldn't that be nice !....

Harrycat
We are all p+ssed off with SEY I'm sure -.
trouble is being p. o'd does not get anybody anywhere.
we have to make the best of a poor situation

In a few weeks it will almost certainly be a completely different situation -
good or bad - who knows - stay long and patient, all is not lost

I know what you are saying. I am just annoyed with myself for letting my losses here increase to the point where it's now better to stay put and ride the bad times. Poor decision making on my part.

HARRYCAT - Same applies to me - too late to sell now

Lets give it a few more days -
I am still hopefull now they are almost down to jurrasic / triasic levels
and they have promising gas and there still may be oil down below.