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

Two lots of 215000 shares at 26.5p just gone through to buy, is it a hint that directors have bought some do you think?

Yep you probably should. but i'm still not convinced this is the start of the uptrend again.

If it passes 33p we can beleive it's the start of the uptrend againa. We should wait

Found this being tipped.

http://www.fool.co.uk/news/comment/2006/c060525b.htm?ref=foolwatch

r88ave,

many thanks for that.

Nice rise today, but on low volume.

Andy,

Staying aboard ship for the voyage! Guess you will be at AGM 15th June if you can. Unfortunately only back from hols on 16th so would very much appreciate posting on this thread on highlights. Incidentally, picked up a few more FDI in hopes for Groen results!

what ship are you on Ray ???

mengelbretson,

I'm on the "good ship SEY" with a full cargo bound for Madagascar, Kurdistan and beyond - are you on the cruise?

Ray A,

Yes I hope to attend the AGM. and if I do I will be happy to report the highlights here.

Andy,

Thanks! We are just off to Montenegro, no chance to follow things from there.

Ray A,

Ok have a good time, hopefully we will be north of here by the time you return!

I have not held this stock for a while now and have missed the up and down movement because of that.

But I sold because had fears that the following could happen.

Posted over on advfn, only right that you are all aware here.

Whatever you do, do your own research, I would have thought anyone with an arm and leg in Sterling would be sensible and buy the article, as whether you share it, that's another issue.

remus98 - 30 May'06 - 15:58 - 6575 of 6586


This has been on the http://www.africaintelligence.com/C/modules/search/search.asp site for a few days. I've tried to speak to SEY and have emailed them but no one avaiable to speak to me.

AFRICA ENERGY INTELLIGENCE N417 - 24/05/2006
OIL & GAS
Sterling Braces for Change
Africa Energy Intelligence understands the Mauritanian government is seeking to re-negotiate the stakes of Britains Sterling in the Chinguetti field in Mauritanias offshore. (...).
[ 354 words ] [ 4 ] Read the article

SWW,

I have rung SEY, and the lady promised me someone would ring me back today.

In the past they have always returned my calls.

I think the key phrase here is "seeking to renegotiate", which to me at least, indicates they are honouring their existing contractual obligations, whilst requesting a renegotiation.

Provided they are honouring their existing obligations, and not making threats of unilateral action, I am happy.

We are seeing more and more countries renegotiate deals as commodity prices soar, Bolivia being another example, and I feel we may see more.

They agreed deals when prices were much lower, and now see the company making what they see as excessive profits whilst they make the same as when the price of the said commodity was much lower.

A good example is probably Asia Energy, where they had a tax free agreement with the Bangladesh government for so many years, but the Bangladesh government are now making up new rules as they can see the true value of the deposit.

Providing SEY and the Mauritanians are talking, I don't have a problem.

SWW,

We have further confirmation today, from Hardman, of the current production levels at Chinguetti, and the action plan to correct the problems there.

Whilst clearly the loss of production is disappointing, these things happen, and they are receiving far more for the production than was envisaged when the project began, so overall SEY are still doing ok here IMO.

A nice little comment at the end regarding a POSSIBLE increase in reserves!

-----------------------------------------------------

Hardman Resources Limited
31 May 2006



STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 31 May 2006

AUSTRALIAN CONTACT: Simon Potter
Hardman Resources Ltd
+61 8 9261 7600

Peter Thomas
Hardman Resources Ltd
+61 8 9261 7600

Jim Kelly
Third Person Communications Pty Ltd
+61 2 8298 6100

LONDON CONTACT: Patrick Handley
Brunswick Group
+44 207 404 5959

RE: CHINGUETTI PRODUCTION - UPDATE AND REMEDIATION PLAN

Hardman Resources Limited (Hardman) provides the following update in respect of
the production performance and plans for the Chinguetti oil field, offshore
Mauritania, West Africa.

As previously announced, production for the period 1 to 10 May 2006 averaged
45mbopd. The average production for the period 1 to 29 May 2006 was 41mbopd,
essentially from the four wells in the southern sector of the field. Recent
short term production constraints have not impacted reserves and there is now a
plan in place to remediate restrictions to field performance.

Production Drilling

The Operator has proposed drilling three new producer wells in the southern
sector as being the most effective way to restore oil deliverability. Subject to
materials and equipment availability, the drilling of new production wells will
take priority over the exploration programme.

It is anticipated that the drilling of these new Chinguetti wells will start
around October 2006 and options to accelerate this timing are being explored,
including batch drilling of the new wells in advance of availability of
completion equipment. The Operator advises that the well plans will be finalised
by early July.

Facilities

Progress has been made in resolving outstanding facilities issues. Following the
failure of one of the three gas compressors in early May 2006, it is anticipated
that the two undamaged machines, both upgraded, will be recommissioned this
week. Operation of two out of the three compressors will allow gas lift of the
production wells to begin and partial gas reinjection into the Banda reservoir
to recommence. The damaged compressor is unlikely to be available before August.
Until that time gas handling capacity remains constrained and gas flaring will
continue. Additional options for de-bottlenecking the gas system to increase
throughput are being examined.

Production Outlook

Production is below the Operator's forecast, although the rate of decline has
slowed significantly. Some further decline, mitigated by the provision of gas
lift and by potential gas facilities debottlenecking, can be expected before
production stabilises in the next quarter. With the drilling of each new well,
the production rate is expected to increase by an average of at least 10 mbopd,
until natural decline commences. Further in-fill drilling, including resuming
the remainder of the Chinguetti phase 2 drilling (part of the original
development plan), will be undertaken in 2007.

Reserves

The field Operator, Woodside, has confirmed that it has not amended its
estimates of oil reserves as a result of these recent short term production
constraints. Hardman is undertaking a reserves review with an independent third
party, Netherland, Sewell & Associates Inc., to be completed by September 2006.
This review will take into account the latest data, including the
deeper-than-prognosed oil water contact, which directionally would increase the
estimate of oil in place, as well as latest mapping of reservoir sand
distribution. In light of recent well performance, additional wells are needed
to recover the reserve volumes and this will involve additional costs.

All production figures reported above are gross.




SIMON POTTER
MANAGING DIRECTOR




This information is provided by RNS
The company news service from the London Stock Exchange
D
MSCWUUWGAUPQUQG

agreed andy as for contract negotiations

it might be that they (the gov) might be offering more acerage instead off paying back all the loan
which from were im sitting might be a good deal

after all they have westwoods acerage to get ride off(the stuff they took back)

and as ive said on the otheir bb if it was that important they are hinour bound to release a rns to the exchange by law

deadfred

With respect Honour bound and the law does not go hand in hand with AIM.

Fact

Mauritania can and may renegotiate terms but it will not be on the surfice noticable. I have said for months it is the tieback part of the agreement that is opaque and possible very profitable for SEY. IMHO it is that part that needs clarifying.

Regards

I am still waiting for the press release to africaintelligence to surface.

No smoke without fire.

Andy did you get a response from Sterling whio were to call you call tomorrow, the next day a few days ago?

I bet you didn't.

Oh.

By the way, the latest boker notes for Hardman state production could fall to 30k bopd.

Would that make a difference to revenue?

Of course it would.

As a point, I hold within the PSC, so that would not benefit me at all.

I am asking for honesty amongst bb posters instead of burying heads in sand, (mute point!)

SWW,

No I didn't, and I called again last night, and spoke to the same lady, who seemed surprised they had not contacted me.

I left a number for the remainder of the day yesterday, and one for Monday when I will be at home.

They didn't call yesterday, so let's see if they call Monday!

With regards to your last post, I don't detect any dishonesty amongst the posters here, and am not sure why you made the comment.

There will be some loss of revenue, as production may be around half that stated by Hardman, (but not SEY), but this will be offset to SOME extent by the PSC receiving a higher oil price than previously anticipated,IMO.

SEY had alway stated it would take a few months to reach the full production rate, it was Hardman that rushed out (IMO) the "we are at full production now" RNS, in undue haste IMO.

Let's hope the oil price remains around this level until they can sort out the problems, which will propabaly take the best part of the remainder of the year IMO.

I found this on another thread, an interesting history of Woodisde's spat with teh Mauritanian authorities earlier this year.


Click HERE