Sterling Energy Share Discussion Threads

[ohisay] 14/10/2016 15:33

I doubled up this morning - easy to see a story here with recent asset rationalisation and personnel of one kind and another leaving.
The remaining NED associated with 30% of the company,£75m cash appreciating by the day as the £ goes down the toilet vs 35m£ market cap.
Up for sale with a paper offer or a wind up I reckon.
I've invested in worse ideas WB.!

[wbodger] 14/10/2016 10:12

Ooops. I think I read that, now you remind me. So that's it, Kroupeev is going to grab the cash?

Edit: I confused Beardsall with Jersing . Sorry.

[osammyboy2] 14/10/2016 09:21

Wbodger..
Beardsall retired in May

11 May 2016
Board Changes and Director Appointment
Sterling Energy plc (“Sterling Energy” or the “Company”;), the AIM listed oil and gas exploration
company (AIM: SEY), today announces that its Executive Chairman Alastair Beardsall will be retiring
from the Company with immediate effect after six years of service for personal reasons. Mr Beardsall
will also retire from the board of directors of the Company (the “Board”).

[wbodger] 14/10/2016 08:39

It looks out of date already, unless I'm mistaken. A week ago Sterling put out an RNS about the abandonment of the Ntem concession, yet it is included in the Presentation. It does look like a mistake.

I'm struggling with the politics here. Obviously there was a deep rift between Kroupeev and the Chairman and his allies, and I'm not sure how much of this Presentation has the support of the new chairman Beardsall, and whether it indicates Beardsall and Kroupeev are united about the future direction. That seems to me critical - Beardsall was enthusiastically welcomed aboard as CEO a few years ago after years of stagnation, and the failure to move forward has been disappointing. Has he been baulked, and is that now resolved?

Kroupeev is not transparent so the only answers will presumably come from Beardsall himself.

[ohisay] 14/10/2016 06:16

New presentation as of last night.

[septimus quaid] 14/10/2016 03:40

Maybe the expression:

"due to strategic differences on the future direction of the Company"

(taken from the latest RNS)

..is a euphemism for auto-dissolution?

[888icb] 13/10/2016 22:08

Something is clearly about to happen and it is concerning that 3 non execs are resigning because they don't like it. As Sterling has done nothing for years I think it should return the cash to the shareholders.

[paulbiru] 13/10/2016 20:52

I wonder what is going to happen now with nearly all the non execs leaving?
Still, should save a few quid. Maybe get some news soon with whatever the non execs didn't like.

[osammyboy2] 27/9/2016 18:45

£92.4 million cash, no debt, 220 million shares Cash per share 42p Yes Septimus dissolve the company and give us the money.

[888icb] 26/9/2016 17:40

A little movement on the share price such that we started Sept just below 15p and today we are touching 18p. The last time we saw 18p was May 2015.

[septimus quaid] 02/8/2016 21:46

Maybe they are waiting to fully decommission Chinguetti, and discharge all their liabilities, before dissolving the company and returning the remaining cash to shareholders?

[optomistic] 02/8/2016 15:37

Has SEY actually ever drilled a producing well? I've been in these a long (costly) time and not heard of a producer :-/

[888icb] 02/8/2016 15:24

SEY up 5% whatever next! Perhaps all the cash they are sitting on is in US$ and hence in sterling terms the value of the company has gone up.That seems the most likely explanation as the Directors have been asleep for several years now based on the total lack of activity.

[888icb] 14/7/2016 18:25

UP 18% on volume of 180000. This share could double to 32p and still not have a market cap equal to its cash as at April 16.

[gozo] 13/7/2016 16:03

Yep not sure...falling on apparently small volume...will carry on watching from the sidelines.Lost a packet on this in the past so once bitten and all that!

[888icb] 13/7/2016 15:18

SP falling what have the useless sods not done with our cash pile this month.

[septimus quaid] 11/5/2016 08:24

Congrats on your retirement Mr Beardsall.

Six years with your snout in the trough overseeing a massive destruction in shareholder value.

Also more appointments with zillions of years in the oil industry, aka clubby gravy trainers.

SEY don't need experienced people they need lucky people.

Plus this "Relationship Agreement", a euphemism for financial shenanigans which no doubt will require some form of "corporate restructuring" thereby casting the remaining PIs into oblivion (along with our what's left of our cash).

[888icb] 03/5/2016 13:49

One trade of 11848 shares has moved it up 11.5%. Have there been signs of life. Perhaps the Directors have come out of hibernation and someone has seen them turn the lights on in the expensive London Offices!

[surfer2] 29/4/2016 06:37

don't hold anymore but surely they can put 100million USD to better use than just thebank in the biggest oil crash in decades.

[optomistic] 28/4/2016 11:45

Re Ambilobe withdrawal...

" we have made the disciplined decision to exit, focusing on shorter cycle revenue generating assets."

...and I do wonder what they might be :-/

[888icb] 27/4/2016 17:44

Cash in the Bank from the Interims is £65.43 Million but the Market Cap is only £36.31 Million. The shares could virtually double and be fully supported by cash. This attaches no value for its assets.The disgraceful inaction of the directors continues.