Sarantel Share Discussion Threads

[wbodger] 30/7/2013 13:46

Yes, lonrho, holding up well but not gaining. No-one is fazed any longer by the latest delay (that itself tells a story) and no-one is betting the farm on RWE's naive project management. Gas will arrive when it arrives. ;-)

Are we still drilling in Romania? I'd better do some research.

[lonrho] 25/7/2013 20:01

price holding up well, I wonder if this announcement has allowed Ulrich our new chairman to add to the half million shares he has bought over the last week or so.

[wbodger] 25/7/2013 16:10

Germans are never quite prepared for the sheer bolshiness of British unions. They are used to unions and management working together and compromising. the number and nature of detected leaks has been more extensive than allowed for in commissioning plans. That smacks of total exasperation.

[thegreatgeraldo] 25/7/2013 14:51

Just as well the clowns doing the welding weren't involved on the pipeline from Ormen Lange - we'd have been freezing our nuts off the last few winters.

[lonrho] 25/7/2013 14:46

yes guess amec isn't as good as everyone thought or have they subcontracted it out to save on cost, either way I am stunned that sterling don't seem to be able to exercise any penalty clauses and reclaim any excess costs. To be fair I guess the operator negotiated the contracts, so much for german competence.

[thegreatgeraldo] 25/7/2013 14:39

Is that October 2013?

Didn't Britain used to be good at engineering? Couldn't they have x-rayed welds as they went?

[lowersharpnose] 25/7/2013 13:38

Sterling Resources Announces Breagh First Gas Update

CALGARY, July 25, 2013 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or "the Company") is providing an update regarding the impending commencement of first production from the Breagh field.

Sterling has been advised that first gas sales from the Breagh field is now expected late August to early September due to some remedial works identified during the commissioning of the Teesside Gas Processing Plant (TGPP). These works were revealed during planned leak testing prior to the introduction of hydrocarbon gas and relate to the leak tightness of certain high pressure systems. It is not unusual to uncover pipework connection leaks at this stage with the rigorous testing processes being used. However, the number and nature of detected leaks has been more extensive than allowed for in commissioning plans. Remedial works are progressing well and while all other works are progressing as expected against an August first gas target, it is likely that slippage into early September will occur.

Offshore facilities and the export pipeline to the terminal are fully commissioned and pressurized with hydrocarbon gas, ready to commence production immediately on completion of TGPP works.

October anyone?

[chessman2] 16/7/2013 11:05

I'm also still in and was under the impression that not much of a share movement would occur until late September/October.

I hope to be pleasantly surprised.

[wbodger] 15/7/2013 23:56

Thanks for reassurance, guys. Still not quite sure we'll hit August target for Breagh-1 but I hope this time they will have the sense to warn us if not.

[lowersharpnose] 15/7/2013 23:28

Thanks. I am still in, waiting to be surprised by Breagh gas actually making it out of the end of production pipe.

[lonrho] 15/7/2013 23:27

no you're not but its just a matter of waiting now, share price is being held in a tight range and it will probably need breagh to confirm production at anticipated levels before there is any material improvement.

[wbodger] 15/7/2013 22:00

They are still expecting first gas from Breagh-1 next month. This is on the Company website, a presentation that accompanied last month's AGM:


In the presentation Azancot reports that the Alpha platform is ready, also the pipeline, and the Teesside Plant is in Final commissioning. Tests and fire protection systems should have been done by June 30, also some other safety functions and shut down tests in July.

DYOR, especially look at the presentation which others like me may have missed since it is not mentioned in the Announcements to the stock market.

I sure hope I'm not the only person still interested here. ;-)

[wbodger] 06/7/2013 01:05

Extraordinary ingenuity in the many and varied excuses for missing deadlines. This one concerns the FDP for Phase 2 Breagh which was due last week and now won't be submitted until December 31. Reason? Too much gas!


Oh well, they do reiterate the schedule for first gas from Phase 1: August, as previously forecast. Is it possible they might actually hit a deadline???

[wulwirth] 02/6/2013 22:54

In these situations winners and losers, unfortunately investors lose more imo.

[broncowarrior] 02/6/2013 22:41

Harris makes 6 billion in revenue and 600mm in profit so they won't mess about here. They are the biggest creditor by some distance.

[broncowarrior] 02/6/2013 22:31

I told you, at least we know who this big customer is now. Mugged by the board along with everyone else.Without the ip shareholders get zero. Should have sold my last few shares for 26 quid (!) last week...

[wulwirth] 31/5/2013 18:11

DSTM, OK but' when administrators become involved, they sell for peanuts and their charges are astronomic. When woollies wound up, stock and everything went for a song, the administrator charge millions, this will is an easier transaction I expect, but they know how to charge and will not get involved unless their bill is guaranteed.

[buggy] 31/5/2013 16:37

This gets better and better..management granted a floating charge on the assets and IP.

This company's management must make a great study for businesss management courses.

[dontshootthemessenger] 31/5/2013 16:18

Because there is >£2m worth of IP ?

[wulwirth] 31/5/2013 16:17

Apparently so, still doesn't make sense, why would someone get involved with risk of £2m.

[dontshootthemessenger] 31/5/2013 15:45

There you go they did have security over the IP.

[wulwirth] 30/5/2013 13:03

Bronco I have to take your word, to me it doesn't seem feasible...not that it really matters mate. Good luck..

[buggy] 30/5/2013 10:49

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.)

[broncowarrior] 30/5/2013 09:58

It's a secondary obligation, it is payable regardless of admin. I'm a banking lawyer so I know a thing or two about this...