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

Twenty oil rigs missing in Gulf of Mexico - Coast Guard
WASHINGTON (AFX) - At least 20 oil rigs and platforms are missing in the
Gulf of Mexico and a ruptured gas pipeline is on fire after Hurricane Katrina
hit the region, Agence France-Presse reported, citing a source from a US Coast
Guard unit operating in the area.
"We have confirmed at least 20 rigs or platforms missing, either sunk or
adrift, and one confirmed fire where a rig was," Petty Officer Robert Reed told
AFP.
The missing rigs were in the Gulf of Mexico, Reed said, citing Coast Guard
overflights of the area and information from oil companies.
He could not confirm the location of the blaze but said it would "eventually
burn out" and no fire-fighting intervention was needed.
"We are of course working on the environmental side of things but right now
we are still concentrating on search-and-rescue missions to save as many lives
as possible on land," said Reed, whose Coast Guard unit has been evacuated from
the flooded city of New Orleans to Alexandria, Louisiana.
According to the latest tally Wednesday from the federal Minerals Management
Service, a total of 561 platforms and rigs have been evacuated in the Gulf of
Mexico, which accounts for a quarter of US oil production.
Over 91 pct of normal daily crude oil production in the Gulf -- 1.5 mln
barrels -- is now shut down, and more than 83 pct of natural gas production, the
MMS said.
Among the firms reporting missing rigs was Newfield Exploration Company,
which said an aerial survey of its operations in the eastern Gulf showed that
one of its platforms at Main Pass 138 "appears to have been lost in the storm."
"As of this morning, boats and helicopters are mobilizing to better access
damages, identify any environmental impacts and begin the repair process,"
Newfield said in a statement.
Noble Corp said its semi-submersible rig Noble Jim Thompson, which was
contracted to a unit of Anglo-Dutch giant Shell, had broken loose and was 17
miles adrift of its normal Gulf location.
Shell's Mars platform was said by analysts to have suffered "extensive
damage".
"Some of our facilities have been damaged and production is halted while we
begin assessments and run checks," Shell chief executive Jeroen van der Veer
said.
On shore, at least eight refineries have been shut down on the coasts of
Louisiana and Mississippi since Katrina roared ashore early Monday just east of
New Orleans.
Many other refineries are struggling to cope with shortfalls of crude caused
by the closure of major port terminals and pipelines from evacuated and missing
rigs in the Gulf of Mexico.
In response, the US government prepared Wednesday to open its emergency oil
reserves for the first time in a year to keep supplies running to those
refineries still operating.
jit/ceh/tr

Prop, - no

Actually I saw Fundys post elsewhere and decided for the time being to hold off till that mess is clearer in respect of gas recovery and distribution, and Sterlings rig.

The odds are too high that there will be a detrimental share price, and I have been very patient with SEY before now, so a bit more would seem to be in order.

I am also happy to miss the boat if it arrives for holders, until this issue is resolved.

Having said that, Espadon, is due within days, confidence is high, Dome Flore also, Woodside have bought Gryphon Resources who co own High Island and stated an intent to buy more gas producing bits in the Gulf, what else?

The interims are due.

I have exposure to Mauritania, and have taken a bit from Aminex this week so I am not too bothered.

I am also punting on South China Resources (SCR), who have had good shows at their latest dig.

I will wait for that RNS from Sterling or not come back at all.

Operators with rigs in the path of Katrina

You will find Sterling on the list which means that Eugene is the rig in question.

Not under the strongest winds though which is good news.

Fundy,

Thanks for that, interesting and scary piece though! Shell's Mars platform has indeed suffered extensive damage from the photos I saw! Can't really see Bush opening the SPR having a great impact though, especially with quite a few refineries out of action. I wonder how much they will actually be prepared to release though, especially if this disruption lasts for quite a while as I think it might. What they release will have to be replaced at some time in the future.

SWW,

Cheers for the rigzone piece, hopefully Eugene Island missed the peak of the storm.
Have you sold all your AEX? Still got all mine tucked away. Good luck with SCR.

Gav, No I sold half, I still have a more realistic size punt which can stay in. I just used
some to pay for part of the remainder.

The rest can stay.

May I direct you to SCR.

The word is...............

Seems a reasonable way to play it. Will take a look at and keep an eye on SCR. Cheers.

big volume at the close...

Healthy volume indeed! More of it tomorrow would be nice.

Yes, they are down as buys, brilliant.

More trades showing up.

loving SEY again.....

Lol! All we need now is a recipe or 2! Good day here, in fact, good day all round for me! :-))

feels a bit ahead of itself...mkt due a fall back and may succumb to friday profit taking...

rgds
PT

I think I may be turning into Benny Hill - everywhere I look I see double bottoms - uu^uu!

But look at the classic 18.75p confirmation today ending at the high on some lovely big buys. If we can push on up through the 19.75 interim peak we should move onwards to assault the 20.75p previous peak. Any break above there will set us on a continuation of the June to August up-channel to who knows where - blue sky.

Let's hope for good news on Euguene.

sd

Benny Hill, now there's a blast from the past! SD, agree with you re the 18.75 area, previous resisatnce which now appears to be a support level, according to my in-experienced charting eye! This chart seems to show it reasonably well.

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gavdc - you've certainly captured the essence with the black line through your chart. I use stockcharts.com site who give a very simple but cleaer resume of the main chart features which I find perfect for my purposes, although some traders may find it a little simplistic.

Other indicators like RSI and volume also indicate we are well situated for a bit of an up on the SP if the market has half a mind to.

sd

This will break through 20p soon

did I mention Woodside in their quest for aquisitions in the GOM have bought out Gryphon who co own High Island with Sterling?

Will Sterling be next?

Good night, sleep tight, see you in the morning.

Darn it, I am in tomorrow for sure.

sww - not my place to give advice, but since you are being sensibly rigorous in your approach, it is better to wait until the SP goes up through 19.75 and lose the first 5-7% rise to be sure it does not fall back through 18.75p.

I so enjoy pronouncing rules I do not have to follow myself!

sd

Not much in it but worth a read

http://www.oilbarrel.com/news/article.html?body=1&key=oilbarrel_en:1125540014&feed=oilbarrel_en