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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Sarantel A | SLG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 0.30 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.30 | 0.30 |
| Top Posts |
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Posted at 27/3/2015 11:04 by ohisay Stockwatch today.Jake Ulrich's Sterling Resources Ltd. (SLG) added half a cent to 16.5 cents on 864,900 shares, its heaviest volume since October. It spent that month falling to 30 cents from 50 cents as investors fretted over its finances. Its main asset, the 30-per-cent-held Breagh gas field in the North Sea, had faced a delayed start-up, unexpected shutdowns and lower-than-modelled production over the past year. This was a problem because Sterling had issued $225-million (U.S.) of bonds in 2013 with the expectation that Breagh would do better. The bondholders cut the company some slack at a bondholder meeting last December, but a $32.7-million (U.S.) payment remained due to them at the end of this April, so Sterling began casting about for money. Options included the sale of part of Breagh or of non-producing assets in Romania. Today, Sterling announced that it had found a buyer for its Romanian assets, Carlyle International Energy Partners, which will pay $42 147104.5-million (U.S.). This would be very heartening but for two things: One, Sterling has to pay a $10-million (U.S.) termination fee to a energy fund because of a 2007 investment deal, and two, the sale will likely not close until after April, so the bondholders may not see their money on time. Sterling is "considering options" for short-term liquidity. For the long term, it is still mulling a sale of part of Breagh, as well as potential financings. It can take heart that Breagh is getting better. Year to date, the field has produced about 38 million net cubic feet a day, slightly ahead of analysts' predictions. Meanwhile, elsewhere in the North Sea, the Cladhan field remains on schedule to start production in the third quarter. |
Posted at 10/9/2014 11:43 by ohisay Times today.from Blue eyes on LSE Fairfield considers options for a fresh shot at London Gary Parkinson Market report Published at 12:01AM, September 10 2014 If at first you don’t succeed, then come back four years later. Remember Fairfield Energy? This is the North Sea oil and gas company owned by private equity that hired Goldman Sachs and Credit Suisse to advise on a London flotation back in 2010. Its ambitions to raise at least £330 million, which would have delivered Fairfield a market value of upwards of £720 million, were thwarted after it failed to drum up enough interest among investors. The float was pulled. In the past month, so it is rumoured, Fairfield has looked at a reverse into Sterling Resources, based in Calgary, quoted in Toronto, with assets in the North Sea and elsewhere and run by Jacob Ulrich, formerly the senior energy adviser to Och-Ziff, the hedge fund. That didn’t work out, either. Now, apparently, Fairfield, owned by a consortium of private investors led by Warburg Pincus, is being advised by Rothschild on alternative routes to the public market. Perhaps via another shot at a London flotation or, more likely, a reverse takeover of any one of a number of quoted oil producers with UK assets and a yawning disparity between their values and market capitalisations. Ithaca Energy (off 1¾p at 133p), Faroe Petroleum (¾p easier at 107p) and Providence Resources (up 1½p at 132½p) were mentioned by speculators as potential targets. So were others |
Posted at 19/2/2014 22:08 by dukedosh I cannot find anything in the December 2013 news release that mentions lower guidance for Breagh either. Here's what I have:From the 3Q13 interim report, dated 30.09.13: Average production in 2014, including the contribution from the eighth well, is now expected to be approximately 129 million standard cubic feet per day ("MMscf/d")(39 MMscf/d net to Sterling) with an exit rate at the end of 2014 of 114 MMscf/d (34 MMscf/d net to Sterling). From the RNS dated 13.01.14: Expected production guidance for 2014 remains 129 MMscf/d for 100 percent of the field (39 MMscf/d net to Sterling), as previously announced on November 20, 2013. And here's the December 30, 2013 RNS in full - there's nothing about it there: STERLING RESOURCES ANNOUNCES RESTART OF PRODUCTION FROM BREAGH Calgary, Alberta, Canada, December 30, 2013 Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or the "Company") is pleased to announce the restart of Breagh production on December 27, 2013. This follows a period of approximately seven weeks shut-in as a result of a significant production incident on November 7th, as reported earlier. The investigation into the production incident continues with an expected completion date at the end of January 2014. However, interim feedback from the investigation has identified the necessary actions to permit production restart and continuation of re-commissioning activities following the replacement of the barred tee-junction and various other repairs to the inlet to the gas plant. Initial production rates from the field will be variable as these commissioning activities progress. In addition, a two day planned shutdown is scheduled for the first week of January 2014 to allow the Ensco 70 drilling rig to move off location and transfer to a shipyard for necessary work required as part of normal marine certification requirements. Breagh well A07 has been drilled to total depth having encountered reservoir sands in accordance with prognosis. The well has been suspended with the completion tubing run and the Xmas tree set. The Ensco 70 rig is scheduled to return early in the second quarter of 2014 to bring the A07 well into production using hydraulic stimulation, before completing the Phase 1 drilling program by drilling an additional production well A08. Completing well A07 using hydraulic stimulation is planned to provide enhanced production to Phase 1, while also providing valuable information to support Phase 2 investment decisions. Sterling is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, France and the Netherlands. The common shares are listed and posted for trading on the Toronto Stock Exchange Venture (TSX-V) exchange under the symbol "SLG". Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements All statements included in this news release that address activities, events or developments that Sterling expects, believes or anticipates will or may occur in the future are forward-looking statements. In addition, statements relating to expected production, reserves or resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves and resources described can be profitably produced in the future. These forward-looking statements involve numerous assumptions made by Sterling based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other-forward looking statements will prove inaccurate, certain of which are beyond Sterling's control, including: the impact of general economic conditions in the areas in which Sterling operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations. Readers should also carefully consider the matters discussed under the heading "Risk Factors" in the Company's Annual Information Form. Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Sterling's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. These statements speak only as of the date of the news release. Sterling does not intend and does not assume any obligation to update these forward-looking statements except as required by law. Financial outlook information contained in this news release about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein. For further information: Jacob Ulrich - Chairman and Interim Chief Executive Officer Phone: +44 20 3008 8485, Cell: +44 7876 346 399 jake.ulrich@sterling David Blewden - Chief Financial Officer Phone: +44 20 3008 8489, Cell: +44 7771 740 804 david.blewden@sterli George Kesteven - Manager, Corporate and Investor Relations Phone: +1 403 215 9265, Cell: +1 403 519 3912 george.kesteven@ster |
Posted at 07/1/2014 21:08 by ohisay Up 10% today - presumably Ingalls buying impressing ..Another company enjoying some insider buying is Sterling Resources Ltd. (SLG), down three cents to 62 cents. From Oct. 1 to Jan. 3, Ingalls & Snyder LLC bought 2.89 million shares, boosting its position to 36.1 million of Sterling's 309 million shares. Sterling has had a roller-coaster couple of weeks. On Dec. 27, it restarted production at its Breagh gas field in the North Sea, ending a seven-week shut-in because of mechanical problems at the onshore processing plant. There is still no word on exactly what went wrong, but Sterling hopes the investigation will be finished by the end of the month. This is far from the first problem Sterling has suffered at Breagh. This time last year, the company was barely hanging on. It took out a $12-million (U.S.) stopgap loan from a shareholder, Vitol, which then made a takeover offer. Amid much hubbub and name-calling, Sterling rejected the offer, figuring it just needed to stay afloat until the end of March, when it planned to begin production at Breagh and finally start collecting revenue. That date was pushed back again and again. Finally, Breagh started production in mid-October -- only to be shut in a month later. Then, in mid-December, Mike Azancot left as a director. He had been CEO from May, 2010, to August, 2013, and although he had helped raise millions of dollars for Sterling, his reliance on equity financings was a source of bitterness for shareholders such as Vitol. (Under his leadership, Sterling's share count went to 309 million from 132 million.) Jake Ulrich, a former Centrica Energy man liked by Vitol, took over as interim CEO and is still there now. Now that Breagh is operating again, Sterling expects -- at long, long last -- to start generating some real cash flow. It expects the field to produce an average of 39 million net standard cubic feet a day in 2014. Investors do not seem particularly confident, but Sterling is a survivor. It listed in 1997, and before that, it traded for 17 years as Peoples Oil Ltd. |
Posted at 05/12/2013 20:00 by plunge From Proactive Investors today:"Former communications technology firm Sarantel (LON:SLG) is being re-launched by AIM dealmaker David Lenigas, to focus on onshore oil and gas projects in the United Kingdom. Sarantel, which made specialist GPS products, was suspended on the AIM market in May and in October the business's assets were sold by administrator PriceWaterhouseCoope Today, the company, which will be renamed UK Oil & Gas Investments, announced it would raise £200,000 to support its pursuit of onshore oil and gas opportunities in the UK." For those of you interested in following the new entity see ticker UKOG. |
Posted at 05/10/2013 10:23 by plunge And now for some perverse humour - here is David Wither's CV as taken from Linkedin:Highly Effective Leader with a Background in Corporate Development and Wireless Technology Proven leader with strong communication and team building skills Broad operational background and considerable practice managing intellectual property Wide-ranging international business development experience and an in-depth understanding of wireless communications Extensive board-level and investor relations experience with a London Stock Exchange-listed, UK-based wireless technology company Significant expertise in fund raising, marketing, product development and process development What a laugh !!! |
Posted at 05/10/2013 08:20 by buggy What I don't understand is why they should not just liquidate the company.They company will remain an shell....who in their right mind will trust this mob with their money to start in whatever fancy they deem fit after all this??? They should just wind down the whole company and take the feeding tube out of these directors' mouths. They should go and find themselve real jobs if anyone will take them. Instead they are preparing to hang on as a shell so taht they can continue feeding off the investors!! |
Posted at 30/5/2013 10:49 by buggy Until investors, as a norm rather than exception, take action to sue company management for blantant neglect and dereliction of duty, we will always get management who sees the company as a means of maintaining their salary. Management of a listed company should be a position of responsibility where you have a duty to manage and use investors assets to teh benefit of investors and not for personal enrichment. You are serving this role on behalf of investors. Currently not many investors see that you can actually hold those that you have employed to manage your assets for dereliction of duty.That is why I am glad that the guys at HIW are taking the management to court to recover some of their losses. As I stated earlier, if anyone can explain to me the reason why this management decided not to proceded with their earlier decision to sell the company I would be eternally grateful. They got some order which assures another few months of management pay packet. While I saw the money from the extra order as providing management extra months to find a buyer and conduct an orderly sale, presumably this management saw it as an opportunity to maintain their salary, so they decided to end any sales discussion. With their estimate of at least 5 years for breakeven, I really did not see the availability of 2 months of extra funding being critical event to reverse a sale decision. (Not unless there is an irrevocable commitment from investors PI or institutional that they will provide such funding, which clearly there was not or we would not be where we are now.) |
Posted at 21/5/2013 15:12 by buggy I am glad that the institutional investors who gave them money in the last placing will lose their stake same as PI.They clearly thought that they could turn over the shares quickly by punting them on the open market before the PI were left carying the baby. Having taken their stake at 0.1, they found that there is no appetite by PI to buy it off them and they were stuck with the shares. Why exactly SLG management decided to alter their initial strategy to sell the company .. if not purely to ensure that they are still in employment, I could not for the life of me work out. They have shown that they are incapable of turning this business into a viable company. They have declared that it will now take at least 5 years to break even, not withstanding DW statements over the last few years that they will break even several years ago. Inspite of these some inst thought that there is an upportunity to quickly turn over a slug of shares. if they really did believe that this group can deliver, enough to have given them the money the last time, then maybe they should have continued to pour more money in. Now all of a sudden they are back to where we were, before some mug of institutional investor decided to give them more money to pay for an additional couple of months' salary. In doing that we have now more shares in circulation so assuming the company could be sold there are more shares to divide the proceeds without any value added to the company by the money that this management has squandered over the last few months. I will lose a lot as most already know. I am however consoled by the fact that at least the greedy Inst investors who poured more money to take what they considered a cheap share, that they could easily off load to PI in the open market, will be out of pocket same as us. |
Posted at 14/5/2013 10:13 by buggy Kamy,Think the results are dire and they know it, same as it has been over the years. As for new share issue, think they are stuck there as there is no demand or appetitite to throw more money at this from PI nor institutional investors. [ They must be fairly close to running out of the money they raised, so should have brought out the begging bowl if they thought there is a chance of getting something.] .. I think the grand plan and sweetner to the institutional investors was that they get issued the initial tranche at 0.1p. They could then offload these into the market at current prices pocketing a healthy profit. Later on PI will be offered shares at same price and the price will inevitably fall to 0.1p and we would be left holding the baby. Currently the institutional investors that took this initial tranche at 0.1p are stuck with the shares as there is no demand for the shares so they could not sell, they are locked in. If however SLG will manage to release a postive RNS that will give the instititutional investors an opportunity to sell into any demand. |
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