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

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Can't tap shareholders for money

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Perhaps with the cash and bank facilities they have, they should buy out,
or into another oil co., at these cheaper stock exchange prices.
They may be able, to pick up some fresh licenses that way.
Instead of their geologists looking for something new, their NOMADS or is it brokers should asking questions and making something happen.
Do they have joint brokers, we were never told why two were required, I think.

Why no news from Cameroon boarder and Madagascar. Can SEY not "persuade" someone to do something there, after all this time.

Nothing much appears to be happening, with SEY and it is time Management
gave shareholders an up date, or we will think they are sat in their doing
the Daily Telegraph cross word, or something. Perhaps the licenses should
be sold off and the Company closed down, and perhaps we should get some
new managers in SEY yet again.

Perhaps with the cash and bank facilities they have, they should buy out,
or into another oil co., at these cheaper stock exchange prices.
They may be able, to pick up some fresh licenses that way.
Instead of their geologists looking for something new, their NOMADS or is it brokers should asking questions and making something happen.
Do they have joint brokers, we were never told why two were required, I think.

Why no news from Cameroon boarder and Madagascar. Can SEY not "persuade" someone to do something there, after all this time.

Nothing much appears to be happening, with SEY and it is time Management
gave shareholders an up date, or we will think they are sat in their doing
the Daily Telegraph cross word, or something. Perhaps the licenses should
be sold off and the Company closed down, and perhaps we should get some
new managers in SEY yet again.

Perhaps AFREN could buy SEY, as AFREN have licenses on shore Madagascar,
close to SEY off shore licenses. It would fit nicely.

Also AFREN have interests off shore Nigeria, and could take over the disputed
Cameroon license area which SEY has.

Might as well give the cash to AFREN as well, although they probably do not
need it, and then all SEY management could be made redundant, and offices etc
closed.

Maybe the brokers could speak to AFREN, and I get a cut of any commissions.

I have been in touch with contacts at AFREN today, and suggested that their CEO has a look at SEY, because of compatible license areas in Madagascar and Nigeria - Cameroon.

I would support a buy out by AFREN at a reasonnable premium to the current SEY price of 37p. SEY is peanuts compared to AFREN operations.

The company is still profitable and as such is continuing to look for investments elsewhere and progress its lisences as previously announced. No point putting out an RNS to state what we already know. When theres news it'll be announced.

Sterling Energy Plc
19 April 2012
INTERIM MANAGEMENT STATEMENT

Sterling Energy Plc ("Sterling" or the "Company") is today issuing its Interim Management Statement for the period beginning 1 January 2012.

HIGHLIGHTS
· Production, net to Sterling from the Chinguetti field, averaged 401 bopd for the first quarter 2012 (Q1 2011: 629 bopd).

· Adjusted EBITDA in first quarter of $4.9 million (Q1 2011: $0.6 million) (unaudited).

· Profit after tax in first quarter of $3.1 million (Q1 2011: profit $0.5 million) (unaudited).

· Cash as at 31 March 2012 of $118.0 million (unaudited), including partner funds of $0.7 million.

Angus MacAskill, Sterling's Chief Executive, said:
"The Company continues with its focus on expanding the existing exploration portfolio and, having materially strengthened our technical team, we have been evaluating a number of potentially attractive opportunities. We also await resolution of the external constraints that continue to delay the drilling of exploration wells on our attractive deep water exploration acreage in Cameroon and Madagascar. We are confident these constraints will be removed but can give no specific timetable."

Cameroon
The Ntem concession area is a highly prospective deep water block, offshore Cameroon, in water depths ranging from 400 metres to 2,000 metres.

The Company holds a 50% non-operated working interest in the Ntem licence, following the introduction in 2011 of Murphy Cameroon Oil Co. Ltd, a wholly-owned subsidiary of Murphy Oil Corporation, a successful deep-water operator, as a 50 per cent working interest partner and operator.

The Ntem block remains in force majeure and the Company believes progress continues towards a resolution of the border dispute between the governments of Cameroon and Equatorial Guinea, but no specific timetable can be forecast.

Madagascar
The Ampasindava and Ambilobe blocks are highly prospective blocks located in the deep water basin to the northwest of Madagascar. The Company holds a 30% working interest in the Ampasindava license, containing the Sifaka prospect which is independently estimated to have gross un-risked best estimate prospective recoverable resources of 1.2 billion barrels, and 100% working interest in the Ambilobe license.

The incumbent government, formed by non-democratic means in March 2009, is engaged in a "roadmap", developed in co-operation with their African neighbours, towards the holding of democratic elections in 2012. After these elections, Sterling and ExxonMobil, our partner and the operator of the Ampasindava Block, expect to resume exploration activities.

The current exploration periods for both the Ambilobe and Ampasindava licences were due to come to an end in November 2010. Sterling and ExxonMobil continue in discussions with OMNIS, the state oil company of Madagascar, with regard to an extension of both licences.

Kurdistan
The second, and final, sub-period of the exploration phase of the Sangaw North PSC commenced in November 2011 and has a duration of 2 years. The drilling of the Sangaw North-1 well, completed in 2011 and which encountered non-commercial gas, has already fulfilled the work commitment for the second sub-period.

Following the integration of the 2D seismic acquired in 2009 and the Sangaw North-1 well information within the geological interpretation, the joint venture partners have elected to acquire additional 2D seismic data to better define a possible secondary target along the flank of the main structure. The Company has completed tendering for seismic acquisition services and is ready to award a contract, subject to the approval of the Ministry of Natural Resources. The Company plans to acquire the 2D seismic data during the second and third quarter of 2012 and this may lead to the drilling of an exploration well in 2013.

Mauritania
First quarter 2012 production from the Chinguetti field net to Sterling totalled 36,529 barrels, an average of 401 barrels of oil per day, compared to 629 bopd for the same period in 2011. Production in the period was reduced due to two operational interruptions to the supply of gas from the adjacent Banda field that is used for artificial lift in Chinguetti field production wells. Production was shut down in the period between 26 January and 11 February due to a hydrate blockage in the gas pipeline connecting Banda to Chinguetti; this blockage was cleared prior to re-starting production. Production was also shut down in the period 22 March to 30 March due to a failure in the subsea instrumentation controlling the operations of the gas well in the Banda field; the flow of gas from this well was re-instated on 31 March.

Production is stored on location in the floating production storage and offloading vessel (FPSO) until a suitable volume is accumulated which is then sold and transported away by sea tanker. A single cargo was sold in the period, with loading taking place in January 2012.

There are no approved plans for further development of the Chinguetti field.

New Ventures
Sterling continued to strengthen its technical team during the first quarter, and remains focused on expanding the existing exploration portfolio. The Company's technical and commercial team has completed a preliminary screening of a number of opportunities and evaluated a smaller number in more detail.

Interim Statement -

Chinguetti production dropping - we already know
Cameroon in force majeure - how long now 3 / 4/ 5/ years
Madagascar waiting for Govt - no drilling yet, is it 4 ,5 or 6 years
Kurdistan one dry hole - took a year to drill, and perhaps some gas about ?
New ventures - presently just promises

Let us hope AFREN will move in

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Maybe they would be better suited, running a petrol station ?

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StockMarketWire.com
Sterling Energy said 2D seismic data from the Sangaw North PSC in Kurdistan indicated the remaining potential was insufficient to justify drilling a second exploration well in the area.

The company said it had therefore elected to withdraw from the Sangaw North PSC, effective from Jan. 29, 2013.

"While we are naturally very disappointed to have been unsuccessful in our exploration efforts in Kurdistan, we now look forward to focusing on, and adding to, our remaining high potential exploration interests in Africa," said CEO Angus MacAskill.

Ian Forsyth | 22/02/2013 Aberdeen P&J


Cost overruns: Sterling Resources has a stake in the southern North Sea Breagh development

Troubled oil and gas exploration firm Sterling Resources has agreed to sell more than 73million shares in the company to a syndicate of underwriters led by Casimir Capital for £35million.

Last week, Dutch multinational energy and commodity-trading group Vitol made a £123million cash bid to take over Sterling, which has North Sea interests. Sterling said this week the share offering would mean it was funded until June. Chairman Walter DeBoni said: “On February 6, we announced an update on both our near and longer-term capital requirements, and we are very pleased with the offering which has addressed our near-term capital needs.

“Equally important, the offering will provide us with the appropriate time to undertake a thorough and systematic review of all of our strategic alternatives . . . in response to the unsolicited offer from Vitol.”

Sterling said last week it would consider the Vitol offer, but that it would also be continuing discussions with others on potential deals such as a merger, sale of parts of its business or other financing options.

Analysts said the offer undervalued Sterling’s assets, particularly its exploration portfolio offshore Romania, but given its financing issues it was a good deal.

Sterling, which also has assets in the North Sea and France, has been struggling to find funding since last year and said recently it was deferring some payments to see it through to next month.

Sterling’s woes stem from its North Sea Breagh project, which has faced delays and cost overruns.

Costs on the project have risen to £632million, from £485million, with first gas pushed back from July last year to next month.

cyril...Sterling Resources no connection to Sterling Energy.

Soyuznefte Capital Limited - Is this a Russian investment company, or what ?

Why are they gradually buying up so many Sterling Energy shares
Now they have 15.22%.
Do SEY directors have any inside knowledge of Soyuznefte intentions ?

From the "trades" shown daily, it looks as if everybody else is gradually selling,
perhaps because SEY seems to have done almost nothing for so long.

Share price is probably now almost equal to SEY cash in their bank.

It is time the Directors got off the fence, or woke up and took some action.
Perhaps SEY investors should ask for new Directors at voting time.