Sterling Energy Share Discussion Threads

[ringosstar] 11/3/2015 07:23

Took a salary

[optomistic] 10/3/2015 14:47

And....what did he do?

[nigthepig] 10/3/2015 14:43

And? And there he was - gone

[ringosstar] 25/2/2015 06:34

Bulls?

Don't make me laugh any more it hurts my side.

[ericjhan] 18/2/2015 10:45

Bulls.com are giving SEY a strong BUY rating today. They are reliable chartists who repeatedly seem to know what they're doing. Find them here



Eric JH

[deanroberthunt] 12/2/2015 09:32

yep, NOP is another gravy train...

[andy] 12/2/2015 08:36

Bundles!

Another lifestyle company, AIM is full of them!

[puffin1] 12/2/2015 07:34

How much are we paying the so called management for losing us money ?

[deanroberthunt] 11/2/2015 07:43

can't decide which is worse, this or NOP....

both a pile of cack, that couldn't find oil in a chip shop.

[deanroberthunt] 10/2/2015 10:02

this is just a gravy train for the BOD....

[888icb] 10/2/2015 09:12

RNS 2 days running perhaps there is life again after the Directors usual long winter hibernation. Today they have actually spent a little money and invested in an oilfield.
Whatever will they do next!

[deanroberthunt] 10/2/2015 08:19

take $2.5m off that number :)

[zengas] 09/2/2015 15:39

Depends when the Chenquetti field is finally decommissioned. I'd rather see the field shut-in and put on maintenance now due to the much lower oil price which could extend the decommissioning time to late 2018 - maybe 3.5 years away. I think lifting costs are about $53/b so just about breakeven now at this oil price.

"Sterling estimates that at the end of 2013, Chinguetti held a remaining 7.8 million barrels of gross proved and probable reserves (2P) that could be accessed via the existing wells. Sterling's net entitlement to 2P reserves is 559k barrels (2012: 475k barrels). The increase in the 2P reserves recognises an updated production profile and a subsequent revision to the anticipated economic field life from May 2017 to December 2017".



Decommissioning
The Group has obligations in respect of decommissioning in Mauritania. The extent to which a provision is recognised depends on the legal requirements at the date of decommissioning, the estimated costs and timing of the work and the discount rate applied. Decommissioning estimates for the Chinguetti field are based on a range of operator estimates which are periodically reviewed by the operator and the Chinguetti partners.

The Company amount of $21.6 million (2012: $21.2 million) represents the amount provided within the Company for future decommissioning expenditure.
During the year the economic field life was extended following a review by the operator of decline rate performance. The extension of field life has resulted in an adjustment to the provision during the year of $624k.



Using $100m net cash currently (£1=$1.52)= £65.5m over 220m shares = 29.77p
$21.4m of future decommissioning costs = 6.34p/share (2017-18 ?).

Still leaves 23.4p cash.

I believe that Sterlings free carry interests, even heavily discounted to what they paid/farmed out for make up the difference again and there is an underlying value of 28-30p/share.

[hugepants] 09/2/2015 14:24

Isn't there also a rather chunky decommissioning liability worth about 8p per share though.

[deanroberthunt] 09/2/2015 14:07

or unless they just waste the cash on more duff wells?

[deanroberthunt] 09/2/2015 13:51

assets are worth nowt, so it's just the cash.

[deanroberthunt] 09/2/2015 13:50

maybe the'll just spend it all on bacon buttie sarnies and 6 packs of Tauraus Cider from Aldi?

[deanroberthunt] 09/2/2015 13:49

$107m as of last record....what's that £69m ....32p ?

[zengas] 09/2/2015 13:30

Another 100k (2 x 50k) for me at these prices.
28-30p cash.
Nothing in it for the assets/asset carries.
Todays RNS has no bearing on the above or current production.

[paul the octopus] 09/2/2015 13:05

kaos, i think the opportunity is so clear now, just return the cash and say goodbye

[paul the octopus] 09/2/2015 13:04

hmm, who is opting for the cash then? no brainerisn't it 30-25p cash?