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

It is still a fantastic buying opportunity.

That item shows tons of confidence by Exxon in the Madagascar licenses.

Bit of a good clamour by other Majors too.

hello boys and girls...hows trix?

Maybe this link caused the share to jitter a bit, we should know already.

http://www.forbes.com/markets/feeds/afx/2006/07/19/afx2888853.html

Possible.

There is a lot of mention of 30ishk bopd, and someone may have confused the issue.

This would appear to be the reason for the fall this morning.


UPDATE 2-Woodside production down, warns on Mauritania reserves
Thursday July 20, 2006, 1:26 pm

(Adds detail, fund manager quotes)

By Paul Marriott
ADVERTISEMENT

SYDNEY, July 20 (Reuters) - Australia's biggest independent oil and gas producer, Woodside Petroleum Ltd., said second-quarter production fell 1.4 percent on operational problems and natural field decline, and flagged a possible reserves downgrade at a project off Mauritania.

Its shares fell 4.8 percent to A$43.60, lagging a 1.4 percent fall in the Standard and Poor's ASX200 Energy sub-index

Production for the quarter came in at 15.6 million barrels of oil equivalent (BOE), down on the same period in 2005 but up 8.8 percent on the first quarter, which was hit by cyclone outages.

In June, Woodside cut its 2006 production target 5 percent to 72 million BOE on slower-than-expected production from the Chinguetti project off West Africa and its Australian Enfield oil and Otway gas projects, with delayed output preventing Woodside from maximising exposure to record global crude prices.

"The market is obviously disappointed by the fall in production," said Adam Dixon, fund manager at Ausbil Dexia. "But given they reiterated full-year guidance in this strong oil price environment it's surprising to see such a negative reaction."

"It could be that management is being punished for weaker execution, and probably the good levels of disclosure on areas like Chinguetti have ended up begging more questions," he said.

Woodside warned oil reserves at Chinguetti, which it operates with a 47 percent stake, were under review after disappointing production from the field, and said it expected output to decline through 2006 without further well intervention.

Daily output from Chinguetti, in which Hardman Resources Ltd. has a 19 percent stake, fell from around 66,000 barrels in March to 37,000 barrels at the beginning of July as a result of complex geology. Three new development wells are planned.

"In the context of Woodside's portfolio, Chinguetti is not the most material component," said Ausbil Dexia's Dixon. "The implication is of a downgrade but we don't know the numbers and it would be on the margins of Woodside's total reserves."

The last estimate of Chinguetti's proven and probable reserves was 123 million BOE. Woodside's share of 50.7 million BOE represents around 4 percent of its total reserves of 1.24 billion BOE as at the end of calendar 2005.

The good thing about it is Woodside will now use their own resources and power to up the production in Chig. because it is obviously bothering them and investors.

1.4% fall in production when oil price is up 30% and a fall of over 4%.

Production for the quarter came in at 15.6 million barrels of oil equivalent (BOE), down on the same period in 2005 but up 8.8 percent on the first quarter, which was hit by cyclone outages.

"The market is obviously disappointed by the fall in production," said Adam Dixon, fund manager at Ausbil Dexia. "But given they reiterated full-year guidance in this strong oil price environment it's surprising to see such a negative reaction."

r88ave , ahoj,

The concern here is the reserves, not current production.

"IF" the reserves are less than quoted, the shareprices of the various partners will be hit, as it downgrades their assets.

I now realise why Hardman have commissioned a review of Ching reserves, a move that was dismissed by investors at the time.

Sadly this means there will be a period of uncertainty now, until the resrves are vefrified, or not, as the case may be.

Increasing production in the south field to offset the reduction in the north is ok provided the north field's assets are as stated, but if they are less, the SP will be hit upon announcement.

Just caught up with everything.

Reserve problems? I would hope the partners advance the Tevet tie back should steady the boat a bit as it will not be fully priced in. I believe that hardman have mentioned this in the recent quarterly?

Regards

Dr Square,

Not necessarily problems, but possibly, but certainly far from being certain.

I agree, thay may advance the Tevet tie back to compensate.

Nice update!


Sterling Energy PLC
24 July 2006


24 JULY 2006


STERLING ENERGY PLC
('Sterling' or the 'Company')



TRADING UPDATE



Sterling Energy today published the following Trading Update.

The Company's performance in the first six months of 2006 has been materially
better than the comparable period in 2005.

Average daily Group production rose from the corresponding period by in excess
of 150% to more than 25 million cubic feet of gas equivalent per day ('mmcfged')

Realised Gulf of Mexico prices were up over 12% to US$7.25/mcfge and average
production was over 7.8 mmcfged in the period (year 2005: 9.7 mmcfged). US
production levels have recently risen to over 10.1 mmcfged, 35% up on the first
quarter, with new wells fully onstream and with greater equipment availability.
The Company recently spudded an onshore well, Trehan1, in S Louisiana, the first
of four exploration wells planned in the US in the second half which together
could materially impact reserves and production.

The start-up of the Chinguetti Field in late February 2006 also contributed
strongly to cashflow, with US$32 million received from three first half cargo
sales and royalties. The next lifting is expected in early August 2006. The
Field operator continues to address the technical and operating issues in this
first field to be developed offshore Mauritania. Lower than expected production
was offset in the period by higher than expected oil prices. Current gross field
production rates are 35-40,000 barrels of oil per day ('bpd'). Sterling expects
that these issues will be progressively addressed and resolved over the course
of 2006/early 2007, including with infill wells. Whilst the expectation of
future production rates are lower than initially projected by the operator, the
current studies and operations will help to clarify the optimum future
production levels and will enable estimates of Chinguetti and other Mauritanian
reserves to be updated later in the year. Currently, US$96 million of the US$130
million letter of credit provided under the Funding Agreement has been drawn.

A declaration of commerciality is expected by year-end on the Tiof field, in
which Sterling has a sliding scale royalty interest over 6% and for which it
pays no development costs. An initial gross 50,000 bpd production level in 2009
is envisaged, with 40-60 million bbls being developed in the initial phase.
There would then be scope to extend the development through satellite tie-backs.
The Tevet, Labeidna and Banda oil discoveries are also being looked at for
tie-back to Chinguetti, which would be at no cost to Sterling. Tevet is being
'fast tracked', with Sterling having a royalty interest over 6%.

Drilling is also expected to commence shortly on the 150 million bbl Colin
prospect, in which Sterling has a royalty interest over 3%. Further carried
exploration wells are expected over the next year.

Elsewhere, a largely carried exploration programme of up to 3 wells, offshore
Gabon and Equatorial Guinea, is expected over the next year. In addition,
interpretation of the recently acquired 4,000 km of 2-d seismic offshore
Madagascar has commenced and initial results give cause for optimism. Work
continues on the Kurdistan project.

With the increased cash-flow, other high-impact projects are being actively
sought in order to expand Sterling's upside potential.

The interim results for the six months to 30 June 2006 will be announced on 22
September 2006.




Enquiries

Sterling Energy (01582 462 121) Web site:
www.sterlingenergyplc.com

Harry Wilson
Graeme Thomson

Citigate Dewe Rogerson (020 7638 9571)
Media enquiries: Martin Jackson
Analyst enquiries: Nina Soon


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

great andy.
good things come for those who wait. looking good.

georgetrio,

And now news that Colin 1 has spudded!

Plaudits to Poo bear - ADVFN


This from ROC - Colin has spudded.

2. OFFSHORE MAURITANIA

ROC advises that the 2H 2006 Mauritania Drilling Program has started with the
Atwood Hunter drill rig commencing drilling the Woodside-operated Colin-1
exploration well in PSC Area A on 21 July 2006. The well in a water depth of 168
metres will drill to a planned Total Depth of 2,320 metres. At midnight (local
time) on 23 July 2006, Colin-1 had been drilled to a depth of 254.5 metres and
the current operation was preparing to drill ahead.

On completion of the Colin-1 exploration well the Atwood Hunter will drill the
Dana operated exploration wells Flamant-1 (Block 8) and Aigrette-1 (Block 7).
Further Woodside operated exploration wells are still being considered.

ANDY MANY THANKS
THESE ARE EXCELLENT WORKS FOR EXCELLENT FUTURE.
IT SHOULD BE REITERATED THAT THERE IS NO HURRICANE SEASON
AND THE LABOR COST IS VERY LOW. I SHOULD HIGHLIGHT THAT IN MOST CASES AND VERY OFTEN THE GOVERNMENT IS 100% BEHIND THE PROJET AND
FACILITIES NEEDED ARE PROVIDED WITHOUT QUESTIONS. ALL THAT IS NEEDED IS AN EXCELLENT PLANNING WITH EXCELLENT RIG IN PLACE. IN RELATION TO POLITICS, NOTHING TO SAY, USUALLY AS THEY SAY ONE POWERFUL MAN COMES AND OVERTHROWS THE OTHER BUT WILL CONTINUE TO DO BUSINESS WITH FAVORABLE PARTIES OR BUSINESSES FOR A DECADE OR A HALF CENTURY BEFORE ANOTHER STRONG MAN SHOWS UP. AFRICA HAS CHANGED A LOT, HENCE MORE COMPANIES HEADING IN THAT DIRECTION WITHOUT ANY FEAR. STERLING ENERGY IS TOP BANANA COMPANY AND I SHOULD BE ADDING MORE TO MY SHOPPING BUSKET. BEST LUCK AND ENJOY IT

georgetrio - I assume it was a good vintage?

I never wear buskets for shopping - they make the legs so sweaty in this weather!

Can you hear me at the back, mother?

XOM in the US passed $65. If I remember correctly, Goldman sold huge amount at $57 about six month ago!! They could sell it 14% higher at $65. I wonder why they sold it so cheap?

SEAWALLWALKER, GOOD VINTAGE? YES, I CAN ADHERE TO THAT.
MAY I USE SWEET AND SOUR INSTEAD? AS IT IS ALWAYS THE CASE WITH
INVESTMENT BUT THE GOOD THING THOUGH IS THAT BEFORE YOU
WONDER WHAT'S THAT SOUR TASTE, IT CHANGES SWEET WHICH IS NICE.
I AM STAYING PUT.

georgetrio, stay put by all means but please turn your CAPS LOCK off!

Handy for bananas though!