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

Andy,
In fact I am wrong. The association is not that Sterling Energy have a stake in Sterling Resources, it is that both companies have small stakes in the North Sea PEDL 071 Licence. This is insignificant to Sterling.

The hard talking continues in Iraq but all side reaffirm their commitment to a solution by the year end.

http://www.tradearabia.com/tanews/newsdetails_snOGN_article116147_cnt.html

Have a read of the following article and take heed of the following passage.

"The compromise is the region will have a say on selecting the companies, selecting the proposals, but approval will be the central government," Bayati told UPI".

http://www.upi.com/Energy/view.php?StoryID=20061213-025310-6586r

"The compromise is the region will have a say on selecting the companies, selecting the proposals, but approval will be the central government," Bayati told UPI".

Let me just explain why the above passage could be good for Sterling, and why I said before that it was in Sterlings interest to delay any announcement about a PSC.
When there was dissagreement between the Kurdish and Federal governments, one of the things that was being threatened by Baghdad was that if deals were struck with companies in Kurdistan, those companies would then not be considered for any projects in the south. Furthermore those companies would not be allowed to use the southern export routes. It is therefore highly beneficial for Sterling that there is agreement between both governments expecially as there was some talk at one stage about joint projects with Petrol Resources in southern Iraq.
In my previous post the article states that discussions are 90% complete and the passage above would indicate that a compromise is near. If this is the case then we are not far away from getting this oil law away.
Sterling have already had talks with the Kurdish government, and if that government is then allowed to choose the companies and the proposals then we may indeed be not far off a PSC announcement, especially as the Kurdish government have stated before that PSC`s will be announced as soon as the oil law gets passed. With agreements of both governments that would then allow Sterling to go after licences or partnerships in the south when the conditions allowed. The resolution of the Kirkuk situation by referendum in Dec 2007 may also open up opportunities for Sterling.
Its early days but if the above compromise is agreed upon then it could work out to be the best deal allround.

So Bush has finally realised that he has to talk to the Kurds.
Lets hope he has the sence to listen:

http://news.yahoo.com/s/afp/20061213/pl_afp/usiraqdiplomacy_061213180601

"This region is poised to become one of the most important in the Nations energy future with huge natural gas reserves yet to be tapped"

http://www.davispetroleumcorp.com/projects.html

Gents, morning from sunny Middle East. One of the local newspapers in Kuwait - Arab Times , 14 Dec 2006, is quoting the Iraqi Oil law as 'Stalled on right to clinch deals'.

'... Even though the Shiites are dominant in the southern region also containing major oilfields, they have so far also opposed the Kurdish stance in the talks. The first round of the talks have failed, now we are waiting for the second round'

The article goes on to say that the talks will resume in a few days and have confirmed they are working hard to deliver a law for ratification to the parliament by the end of December.

Given the importance of what the Kurds are proposing, I am inclined to believe that the agreement deadline will slip.

I am a holder of SEY.

fido .... if you have not already been suckered in, do you have the "sence" (sic) to avoid this stock?

Afternoon all

LIfted from advfn

http://www.beta.mr/editdec06.htm#a13

Apologies for the poor translation by google.

"Oil: New wells for the field of Chinguitti to correct the deficit of production Questioned in margin of this workshop by our deferring, Mr. Mohamed Lemine Sherif, director of the Exploration and the Development of Hydrocarbons rough to the ministry for Oil and Energy brought explanations on the energy production of Mauritania. About the field of Chinguitti, the only one in exploitation, it recalled that the discounted production was 75.000 barrels per day, which, until now, reached forever. But, it explained, the starting of an industrial exploitation, whatever it is, is never safe from technical problems. It is the case of the field of Chinguitti where the stop of some wells involved the fall of the production, it specified. To rectify this situation, Mr. Mohamed Lemine Chif added, the Woodside company is drilling and to equip with new wells to be able to as envisaged bring back the production to 75.000 barrels per day. All that takes time, which is why we hope to come to end from all these difficulties and to reach the course of the 75.000 barrels per day as of the next year, he said.........

It appears that Mr Thomson's daughter has received a nice birthday pressie.
We should all wish her a very happy birthday and good fortune with her 600K shares :-)

"The Company has been notified that as a result of Mr G P Thomson's daughter
reaching the age of 18, he is no longer interested in 604,048 ordinary shares of
1p each ('Ordinary Shares') in the Company. He is therefore now interested in
15,445,510 Ordinary Shares in the Company, representing approximately 1.1% of
the Company's issued share capital."

What will they be worth this time next year?

ERX going to rocket

That SWW is the big Q! Even people with much more insight than I or even you cannot know for certain, but your post above does give some encouragement :-)

ph - stay on the erx threads, I go there too so I dont need it here.

With the Mauritanians sounding more positive on Ching, what we have had from Woodside could well have been a worse case senario. Prepare the market for the worst and then deliver more is a common tactic. In truth what Woodside said about Ching was that the reserves were unaffected and that it was just going to take more work to get the oil out of the ground.They also said that because of the high oil price, that extra work that needed to be done was worth doing.
What we have now is a situation where the problems at Ching need to get sorted ASAP. I said before that in my opinion the drop to 23,000 bopd was as a result of shutdowns to ready the field for remedial drilling. This remedial drilling will start shortly and the information that results from it together with the 4D survey will get this field back on course and up to 75,000 bopd. The reason I say this is because like other posters have said, Tullow will not want the drag of Ching weighing down their SP so they are going to throw their weight behind getting it sorted. The Mauritanians also have a desperate need for the income that Ching provides and so they also are going to push for a resolution with the carrot being further licences once Ching is resolved.
Out of interest, if anyone is interested what can be done to resolve segmented fields they should do some research on snake wells. These weave through segments in fields and open up the whole field. Alternativly they can use horizontal drilling between segments. The bottom line is that all this infill drilling was always going to happen, only at a later stage, and now its going to happen sooner. The main point for Sterling is that production should be on the increase at a time when the oil price is high and that will mean that their coffers will then be filling up more quickly.

Just what I said would happen. Now for the PSC`s.

http://www.tradearabia.com/tanews/newsdetails_snOGN_article116473_cnt.html

.....Iraqi officials have reached a tentative deal on an oil law that would allow the regions to negotiate oilfield contracts with foreign investors but gives the central government the final say..........'The Kurdish regional government has accepted to review its existing contracts so that it will become consistent with the law,' a source said.....................It also says oil policy would be set nationally and the ministry of oil would be restructured and transformed into a regulatory body. All revenues would be deposited into a single national account.........


Thats the relevant part highlighted.

I think the PSCs are a way off yet but at least they will happen, subject to Central Government approval of course.

One of the central demands that were made by the Kurdistan government was that existing contracts be honoured. Whatever way you look at todays news it is a victory for the Kurds and you can be sure that all existing agreements will have the full weight of the Kurdistan government behind them. These deals may have to be agreed by the Federal government but they are not going to be refused as if they are then it will be back to the days of confrontation and in the interests of Iraq that is not going to happen. So the Kurds will have their PSC`s and they will be rubber stamped by Baghdad.

You assume too much.

http://www.tradearabia.com/tanews/newsdetails_snOGN_article116473_cnt.html

"Iraqi officials have reached a tentative deal on an oil law that would allow the regions to negotiate oilfield contracts with foreign investors but gives the central government the final say........

That could be assumed to be a rubber stamp but;......"'If rejection happens and the region insists on the contract, a body of (independent) experts will arbitrate.'

And goes on, "........'Contracts will not become effective unless the national body does not reject it. If the national policy council were to reject any draft contract within a specified period of 60 days then the contract will not be effective,' the sources said."

Lets turn that last sentence into English rather than a poor translation with double negatives.

"Contracts will become effective if approved by the National Body. The National Policy Council can reject any draft contract within a 60 day period before it becomes effective."

Dont look much like rubber stamping to me.

Why would they reject any?

However it is clear that the Iraqi Government need the revenue from oil to rebuild the economy and the country. Moreover they need to do this to stabalise the country. The only problem may not appear, that being the Sunni Muslims thinking the are not getting their fair share from the revenues.

We will see what Sterling gets out of this.

One thing you can be sure of is that they have the contacts there.