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

As this slipped onto the next page for me, this is yet a fuller answer for you Square.



Yes it is the same play i.e cretaceous.

From now more detailed research it looks like the trap had perforated due to faulting, and therefore the HC's were not present in quantities.

That in itself does not therefore reflect on anything of the same type of play within the same basin, i.e Chinguetti, Tiof etc.

I would still hold back from anything else there just now.

Heron Head although different in structure looks like Chinguetti at 90 degrees........remarkable.

Thank you SWW.

Will watch with interest over the coming years as the on land drilling gets more geared up. Think I will take on board your comments on a wait and see approach.

Regards

Oil stocks are starting to move. DGO has started a correction...
I hold SEY shares bought at 31p

Buy any more at 10p ahoj?

yep at 16.7 and 11.

Could soon be back in the money then ahoj :-)
I bought at just under 10p brought my average down nicely...one of my lucky moves...as long as we bore the holes in the right places!

oil has risen another 20%, in fact about 80% since the start of the year, but SEY hasn't moved yet. I think 30p is a fair price for this IMO

blue sky and black gunge are very different ..... the former is merely hope while the latter is reality!

What do you mean SEY hasn't moved yet ahoj? It was under 10p a few weeks ago and has risen by 50%!

Further to my last post, I have taken my profit and am watching.

There\'s loads of possible up movement to come, on the other hand there could be loads of downward movement.

I am not greedy, I will leave some for the Institutions.

Cash into National Savings Bonds.

http://moneyam.uk-wire.com/cgi-bin/articles/200711121220544965H.html

25% increase in production over the first half should increase turnover and income substantially. Profit to be much higher IMO.

Dr S .... while i guess there's not much wrong with SEY as E&P minnows go, i really cannot get that excited about it, even if i dare say it will come right in the long term ..... however, that will require the discovery of some decent oil deposits.

imo, SER is a much better bet for immediate gratification

Thanks Cynic

I do have to disagree as we already have major oil but just not developed in Mauritania,will Petronas change this? The Kurd PSC is interesting, and the possible advance of Madagascar into end of 2008 ? near term there is Thunderstud but personnel I am not hopefull on this.

Thanks again for your comments

Regards
Will have a look at SER

mea culpa ..... as you know, SEY is not a stock i follow, but i thought Chinguetti had turned into a white elephant and all the big boys had walked away .... have i missed something?

other than that, "possible" and "not too hopeful" will do nothing to inspire market confidence

A little bit of news was released recently, perhaps of interest to some:

LONDON (Thomson Financial) - Sterling Energy PLC said it has signed a
production-sharing contract with the Kurdistan Regional Government (KRG) of Iraq
for the "highly-prospective" Sangaw North exploration block, covering an area of
492 square kilometres.
The oil and gas exploration company said the contract has an initial
three-year exploration period, during which it plans to acquire about 200
kilometres of 2D seismic and drill at least one exploration well.
It said its expects an expenditure of about 35 mln usd over the period.
Industry estimates suggest potential for up to 45 bln barrels of oil and 100
trln cubic feet of gas in Kurdistan, Sterling Energy said.
In a separate statement, Sterling Energy said that an exploration well is
due to commence in early December on the Admiral Prospect, offshore Gabon, in
which it has around 28 pct interest.
The company also said that its third-quarter net production averaged about
6,100 barrels of oil equivalent per day (boepd), an increase of 25 pct over the
first half.
The phase 2B development work on the Chinguetti field remains on track to
commence in the first quarter of 2008, with two development wells and three
workovers expected, Sterling Energy added.

Woodside cocked up Chinguetti big time.

The geology was not understood before they went in headlong and developed the field, end result disaster for all involved.

Sterling have had a bad time because of it, and Woodside have now pulled out as you thought at a huge loss.

other partners have also cut and run, enter new players who have the wherewithal and a cheap entry price into the known oil reserves, just a small matter of getting them on the the Berge Helene really.

Should be easy, (he says with some sarcasm!), well at least Petronas, the new operators know what they have at the start so one can assume if anyone can monopolize the Mauritanian assets they can aided by the other new players from Kuwait!

Interesting that with all that oil in Kuwait they still came in here obviously seeing something others before them have but not been able to realise.

Yes, Sterling will come good one day no doubt about it, especially as they are no longer dependent on Mauritania for success, they now have eggs in other baskets.

So, if you can hang around for a few years and don't need to watch the petty gyrations of this little stock before one day it goes into orbit, then buy in here.

It will happen, I just don't know for sure when!

AS SWW points out Petronas are in charge after buying Woody out at bargain basement levels. TLW are still there as Are roc and sterling as well at the Kuwait lot.

Premier did get as far as having a prefered bidder for thier assets and when Petronas took woodys lot, walked away from the deal?? ex strategic partners!

While your right Ching was a white elephant we do have 300-400 million barrels in TIOF, 50 million in Tevet, 30 million in Lamb and possible upside to ching above the 62 million field reserves up from 52 million unbooked as yet to SEY. (Figures from Memory) please apply the appropriate % margins for SEY share of fields. Premier if the above fields are developed will still have to pay the old fusion royalty to SEY at close to $8.5 per barrel no cost to SEY on thier % share of above fields.

Cynic I would wish that you to take another look at SEY with the developments of recent months. Be worth the effort IMHO.

Oh they have just put in place hedging at $78 per barrel. :-))

And seems to my un educated eye the revenue stream from America can fund development going forward as most is free carried.

Regards

Ditto.

Widely underestimated IMHO.

Sterling Energy PLC
15 November 2007

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN


15 November 2007

Sterling Energy PLC
('Sterling' or the 'Company')

Placing to RAISE 11.0 MILLION


Sterling (symbol: SEY), an AIM listed independent oil & gas exploration and
production company with interests in the Gulf of Mexico and Africa and the
Middle East, is pleased to announce that it has raised approximately 11.0
million gross of expenses (US$22.3m) through a placing of 78,510,027 ordinary
shares of 1p each ('Placing Shares') at 14p per Placing Share (the 'Placing').
The net proceeds of the Placing will be used to fund the initial costs relating
to the Production Sharing Contract ('PSC') entered into with the Kurdistan
Regional Government of Iraq ('KRG') for the Sangaw North exploration block
('Block'), announced on 12 November 2007.


The PSC


The Block, which covers an area of 492 sq km is located approximately 140 km
south east of Erbil and 50 km south west of Suleimaniah. It lies in a highly
prospective area around 50 km south east of the giant Kirkuk oil field and on
trend with the major Taq Taq and Chemchemal oil and gas discoveries. The Block
itself contains a large surface anticline with the possibility of multiple
reservoir targets, in common with many existing fields in the area, providing
strong encouragement for exploration success.

The terms of the PSC are in accordance with the terms and conditions published
by the KRG. Sterling has 100% interest in the PSC subject to back in rights for
the KRG and local industry partners.

The PSC has an initial 3 year exploration period during which Sterling plans to
acquire approximately 200 km of 2D seismic and drill at least one exploration
well. The Company will start work immediately, having already established an
office in Erbil earlier this year. It is anticipated that expenditure over this
period, including initial costs, could be in the order of US$35 million.

Sterling's signature of the PSC, together with other recently signed agreements
with the KRG, brings the number of international oil companies now working in
Kurdistan to 25.



Operations Update

In an operating update published on 12 November 2007, Sterling announced that Q3
net group production averaged c. 6,100 boepd, an increase of 25% over the first
half. The Company also confirmed the imminent start of drilling offshore Gabon
on the 5-20 million bbls Admiral prospect in which it has a c. 28% interest, as
well as continued drilling in the USA and the start of Phase 2b development work
in Mauritania in early 2008.


The Placing Shares

The Placing Shares will rank pari passu in all respects with the existing
ordinary shares of 1p each and will represent 4.76% of the Company's enlarged
issued share capital. Application has been made to the London Stock Exchange for
the Placing Shares to be admitted to trading on AIM. It is expected that
admission will become effective and dealings in the Placing Shares will commence
on AIM on Tuesday, 20 November 2007 ('Admission').

Following Admission the Company will have 1,648,710,585 ordinary shares of 1p
each in issue.

Commenting today, Harry Wilson, Chief Executive of Sterling Energy Plc, said:

'The proceeds of this Placing will fund the initial costs on the Sangaw North
exploration block, which is the latest addition to our growing portfolio of
near-term drilling projects. The upside in these exploration targets, when
combined with our producing US and Mauritanian assets, positions the Company
well for the future.'