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

peter011/ Cynice,

Interesting, 1p up now, and as you rightly point out, heavier than usual volume!

Let's hope there is some good news on the way!

Dulpicate.

Duplicate

good repeats Andy, in case we did not read you the first time ... lol!
price now drifting right back, but very high volume has to be for a reason even if only some fund building an investment stake

cynic,

Ooops, the repeats were pc related, not sure what happened there.

SEY was tipped in Shares Magazine today apprently, but I doubt that would have caused such a rise, and certainly not the volume.

The price of oil has risen to $62 today and fallen back to just over $60.

That's why the sp rose.

The poo is more relevant to a good sp than some realise or understand.

I have a feeling the bad times are now behind this share as OPEC cuts are having an effect.

Also read Hardmans Quarterly in respect of Chinguetti production, remedial hopes and fears

Good luck you Sterling holders.

Still not coming in.

Also in answer to a previous enquiry; http://www.hdr.com.au/documents/news/00437_15%20May%20-%20Operating%20Cash%20Flows%20Chinguetti.pdf

"Production from Chinguetti is not expected to increase significantly from the present level until well intervention and/or additional drilling takes place. Such remedial actions are currently anticipated by end of the third quarter or beginning of the fourth quarter 2006. Optimally configured wells or sidetracks should add potential of at least 10 mbopd per well in the southern sector of the field and 5-10 mbopd in the northern sector. Plans for even earlier intervention, including sourcing additional completion equipment, are currently being evaluated though would have the effect of delaying the commencement of the 2006 Mauritanian exploration campaign."

some months back talk on here was that SEY may have been interested in these.
they have started to drill the HERON1 well onshore 50k from Chinguetti.

http://www.barakapetroleum.com/ENGLISH/projects_mauri_link01.html

SWW,

A post by hectorp across the road mentions "stability" in Chinguetti production, albeit at under 30k BOPM.


Hardman, which is the subject of an offer from Tullow, issued Q3 results this morning with much of the focus on Mauritania and the production issues that have beset Chinguetti since 'first oil'. Production in the field averaged 35.1 kbopd in July, 28.3 kbopd in August and 29.5 kbopd in September on a gross basis. Much of that has emanated from four wells in the south with minimal contribution from the two wells in the northern section of the field, with water injection providing little in the way of support. Reserve estimates for the field are under review and it is anticipated that an update on reserves will be provided at the end of the year. Relative positives that we would deduce from the statement include the relative stability over the past two months and, indeed, it is anticipated that gross production in the field will rise by 10 kbopd in early 2007 with the drilling of a new production well

Back to normal with SEY. This one has been hammered back down again. Disappointing.

Been on hoilday for two weeks. Noticed the rise in SP while away which does not seem to have been explained. Perhaps this may help as it shows that the problems at Ching are now in the process of being resolved:

09:25GMT 26Oct2006-Sterling Energy rise 7 pct on Mauritania update

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Shares in oil and gas explorer and developer Sterling Energy Plc (SEY.L: Quote, Profile, Research) rise 7 percent to 19 pence on a positive update about the Chinguetti project in Mauritania, where Sterling has an 8 percent interest in drilling being carried out by Hardman Resources Ltd (HNR.L: Quote, Profile, Research) (HDR.AX: Quote, Profile, Research), an analyst says.

"Chinguetti has been disappointing but now Hardman are saying they are getting to the bottom of the problem ... they're going back to drill another well which should push up oil production in early 2007," says Keith Morris, analyst at Evolution Securities

There is a terrific 2 page spread on SEY in today's Shares Magazine, worth a read IMO.

Hopefully this will raise our profile a tad.

wonder if shares mag will be hyping a winner for a change ...... wasn't there a big article on SUB within the last week or so?

:-))))

Andy the profile can't be raised any more than it is.

At the moment PI's are not intertested enough to jump back on and that includes me.

I'm too busy being shafted by Australian and Canadian Oilers to think about Sterling.

What country do they come from?

cynic,

Like everyone, Shares get some right, and some wrong, but my point is they had a two page spread in a reasonably well read inverstment magazine, which is good exposure if nothing else.


SWW,

too true, some good news on the GOM well would be particularly welcome now!

Sorry to hear about your TXS and ASX trades, hopefully the oil & gas sector will perk up again soon.

i read the mag too, and find it very interesting

To be fair, I have not yet lost anything on the ASX othert than the profit I did not take in respect of ROC, and now they are doing a rights issue that I can not particpate in as I am ineligilbe. I am faced with a dilution that will only affect shareholders living in the UK who hold in a nominee account. SIPP's it seems this evening may not carry the same problem. I am contemplating bailing out on level terms which I suppose is netter than watching the shares get diluted. I could always buy back in later if I want to.

Of course I alsoi hld Hardman and have made a little, but that is the problem, it should have been more but for...........ML amongst others

TSX is Grove, I can't understand why they have disposed of the North Sea assets to Encore plus they have now drilled a duster in Romania.

**it happens!

Move on.

Now Sterling should have reported Theran -1 by now which spudded on the 19th Sepotemeber so that has to be a duster as the schedule is

"The North Theall Exploratory Prospect (34% WI), Talso in Vermilion Parish, south Louisiana, is expected to spud in early November, targeting a net 10-30 bcfe

http://www.sterlingenergyuk.com/common/downloads/Interim06.pdf

I suppose there could yet be a surprise, but it is looking doubtful.

2 more after the second so they must get one result I would have thought?

sww - spud in early Nov means they START drilling this week or next - no result due for however long it takes to reach pay-level - give 'em a chance.

stockdog, I am referring to the first drill Theran-1. that spudded on the 19th September and should be finished, not the second one which spuds this week or next.

Anyway here is something else.



Huntley Broker note lifted from HC.

Parts relevent to Sterling left in, the remainder can be found on the Hardman thread on advfn if you want it.

Huntleys Broker Note(no link, posteed by aka hooter on HC.(Thanks H)

Event

Last Update - 02/11/2006

HDR's share of 3Q06 Chinguetti production fell 26% to 458kbbls close to expectations. Sales volumes fell 34% to 563kbbls. Two oil liftings substantially reversed HDR's underlifted position. Only around 15kbbls remain outstanding. The average price achieved fell 6% to US$60.30/bbl. The ~US$10 discount to spot reflects uncertain Chinguetti production levels and 'new crude' status. A lengthy unplanned shutdown in late August and early September impacted output. Reservoir delivery was otherwise fairly stable and facility availability high..........



........HDR said measures to improve Chinguetti field underperformance are progressing. The first infill well Chinguetti-18 will drill from late 2006 to increase field deliverability. It targets a currently undrilled segment of the reservoir. A production increment of around 10,000bopd gross or 0.7mmbls annually net to HDR is expected. There appears to be little evidence of support from water injection to the reservoir. A review of the estimated recoverable reserves is ongoing and results are anticipated by year end. Expect a substantial downgrade. Tiof development concept definition studies continue. Expect some delay and potential cost inflation Project sanction remains scheduled for mid 2007..........."

A little more information here, I note that water injection is having little effect.

Not a good sign.

SWW - "little evidence of support from water injection" suggests to me that they are not using it much rather than it isn't working???

"Expect a substantial downgrade" - would you reckon this is in the price for SEY already, or is there more downside to come?