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

An update must be due soon......

Still a way off TD, rf. Update would just produce a short bounce. End of July for definitive results.

Is this news positive at all? Unclear to me. So what?
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Sterling Energy says well being drilled at 1505 metres

* Says gas shows, drill cuttings with fluorescence observed

* Shares rise more than 50 pct (Adds details)

June 10 (Reuters) - Oil and gas explorer Sterling Energy (LSE: SEY.L - news) said on Thursday it found indications of hydrocarbons at its Sangaw North-1 exploration well in Kurdistan, Northern Iraq, sending its shares up more than 50 percent.

Sterling Energy -- with interests in the Gulf of Mexico, Africa and the Middle East -- said the well is currently being drilling at a depth of 1,505 metres.

"While drilling this section, gas shows and drill cuttings with fluorescence have been observed, both are indications of hydrocarbons being present in the well bore," the company said in a statement.

The company said it planned to continue drilling through the Shiranish horizon -- the uppermost portion of the reservoir -- to further evaluate the prospectivity of the well.

Oriel Securities analyst Nick Copeman, who has a "buy" rating on the stock, however, said it was too early to confirm whether the company would find oil and gas at the site.

"It's clearly positive, the shares have reacted positively, but it's too early to say whether it's a commercial discovery," Copeman told Reuters.

Sterling is operator of the Sangaw North block, with a 53.33 percent stake. Swiss oil explorer Addax Petroleum (AXC.TO - news) and Korea National Oil Corp, South Korea's state-run oil company, hold 26.67 percent and 20 percent, respectively.

Shares of AIM-listed Sterling were up 25.6 percent at 143.75 pence at 1122 GMT, making it the top gainer on the London Stock Exchange (LSE: LSE.L - news) . They touched a high of 172.9 pence earlier in the session. (Reporting by Anirban Sen in Bangalore; Editing by Jarshad Kakkrakandy)

Old news, but this is risky....I'm in but even I will be surprised if this comes right, but there are indications of hydrocarbons so who knows might go like Gulfkeystone...might....

Still no update...they must know by now if the first intervals are worth testing or not.

StockMarketWire.com
"Sterling Energy plc, posted a $0.1m profit after tax for the six months ended 30th June 2010.

In the corresponding period in 2009 the Company recorded losses of $5.4m.

Group turnover decreased by 25% to $12.2m.

Cash flow from operations was $3.8m, against a cash outflow last time.

As at 30 June 2010 the Company had cash of $113.3m and no debt "

Looks like they have encountered something but is it commercial ?......possibly....

I have 31st July flagged on my calender. Next 5 days should, hopefully, bring news.

Sp slipped 5%. Maybe disappointing news on the way?

I'm prepared to get my fingers burnt here as if I sell now : it would be at a loss so just have to sit through this....perhaps this was not such a great idea to be in this one, but you never know...still time for a surprise....

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what's wrong under 3p old currency?

Up 8% in the last 20 mins. RNS close methinks.

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Got to be news coming here.....not sure what will happen....might have to drill second well....or is it a success first time round ?....or is it a failure ?.....perhaps not as they seem to have encountered hydrocarbons.....

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6 August 2010

Kurdistan - Sangaw North PSC

Sterling Energy Plc ("Sterling" or "Company"), the AIM listed independent oil & gas, exploration & production, company with interests in the Middle East and Africa, provides the following update on its activities:

Sangaw North Exploration Well

Operations at the Sangaw North #1 exploration well have been halted following a failure of drilling rig equipment. The extent of the repair work is being assessed, however an initial assessment indicates the requirement for replacement parts to be imported and mobilisation of specialist engineers to complete the repairs. Sterling estimates that repairs may take up to 21 days to complete.

Following the satisfactory completion of repairs, Sterling will resume the drill stem testing of the prospective zones identified from the well data.

It was rising until this little setback.....so all is not lost just yet,.....might have discovered commercial oil....

Something is happening......no rns but rocket lkie increase in the sp...any news anybody ?....

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