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

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.

It's up a fraction......if the sp starts to move up fast ....it would be a sign that they have encountered something.....

Sangaw North #1 Well
The side-tracked wellbore of Sangaw North #1 well has been drilled to a depth of 3,360 metres, into the top of the Jurassic formations and at a depth above where the influx of gas was recorded in the previous wellbore.

A liner has been run and cemented across the open hole interval with the liner shoe at approximately 3,340 metres.

The Company now plans to drill ahead and evaluate the Jurassic formations to a well depth of 3,660 metres and estimates this will take approximately one month. During this section, the well is expected to encounter the formations from which gas containing hydrocarbons and hydrogen sulphide entered the well in the previous wellbore. Operations are being conducted using drill pipe resistant to the effects of hydrogen sulphide.

The joint venture partners in the Sangaw North Production Sharing Contract ("PSC") may elect, in the event of encouraging results, to drill further to evaluate deeper Jurassic and Triassic formations.

Petrophysical logs have been acquired across open-hole Cretaceous intervals below 2,400 metres, the base of the intervals logged and flow tested in the previous wellbore. Preliminary evaluation of the logs acquired in the current wellbore, together with hydrocarbon shows and other information acquired while drilling, indicate the presence of hydrocarbons within these deeper Cretaceous intervals. A detailed analysis of all the data acquired is being undertaken to identify whether flow testing of certain intervals may be warranted. Flow testing of Cretaceous intervals, if undertaken, will follow any flow testing that may be undertaken in the Jurassic and Triassic intervals after they have been drilled.

Whendo we expect some news about the well?

RNS FD resigned.

Don't tell me that they've hit the jackpot....miracles can happen.....sp rising....

lol up & down again as expected nice little earner

usual t/o rumours for sey - which as it stands not unlikely

i note gkp has a lot of shares on loan right now - keep an eye on knoc movements - 3 t/o there being muted - dreamers quoting 5 + LOL!

nice rise today!

and there's sure not many of them about on this very sticky day

very true - next rns should be cruicial here - strange day today all round really - kind of went nowhere - look forward to tomorrow - took the opportunity to top up a few places like otc, rrr - rrr may reverse a little more but happy at this afternoons prices - see this as a blip for them / rgm etc

Not the most encouraging rns.,.

It is a gas discovery, but how much gas ?....