Sarantel Share Discussion Threads

[wbodger] 02/1/2013 12:51

"including any partial loan repayment that may be required by the lenders of that facility" sounds a bit ominous.

I think we knew there would be a capital raising, which just makes Azancot look more foolish for not closing a deal when the share price was $1.30 and now he's having to scramble around with a Market Cap halved and problems mounting.

"Not entirely their fault" , you are feeling very charitable in the New Year, ohisay. The only alibi is the poor performance of oils last year. (I made that mistake too, should have bought more banks.)

The latest release looks just as shortsighted as the others. It is more time wasted, they are scrambling around for another short term fix, significantly without being able to inform the market that Breagh is on track to start producing revenue. (Get on with that Mr. Azancot, do nothing else until it is. Work on Breagh and nothing else until you have good news to report.)

Trading starts in an hour. Fingers crossed.

[chrisdgb] 02/1/2013 08:57

Would be so nice to get some positive contract news/update here....I am bored of the news vacuum....!!!

[lowersharpnose] 01/1/2013 01:38

HNy to you to. I had that on the end of my post, but cut is as I was so peeved.

[ohisay] 31/12/2012 22:13

Last gasp of 2012 for 12m$ to tide them over.
Can't see much demand for shares in January before they get the second placing away.
At least we're not bust a la Oilexco.
Er.. yet.



As consideration for the loan, Vitol is receiving 2,418,500 common shares of Sterling at a price of $0.717 per common share. The loan is repayable out of proceeds received from Romanian asset sales, including the previously announced sale of a portion of the Midia licence to ExxonMobil Exploration and Production Romania and OMV Petrom.

In addition the Company anticipates entering into a significantly larger private placement debt-based financing in January 2013. The proceeds of such a financing would allow for repayment of the Vitol bridging loan and would also fund remaining Breagh development costs through to first gas, other costs associated with Breagh and the UK senior secured £105 million loan facility including any partial loan repayment that may be required by the lenders of that facility, and other group costs through to first gas.

[flyingbull] 28/12/2012 23:18

Fancy a challenge and put your skills to the test!? Here are the
oil stock competitions that sort out the boys/girls from the men/women! ;-) :-)

Best regards and Happy & Exciting New Year.....

fb

[broncowarrior] 20/12/2012 18:13

It was higher than the bid at the time so I suggest it was a buy.

[johnyee 7] 20/12/2012 07:23

Sells at that price

[broncowarrior] 19/12/2012 17:01

A 3 million trade went through. Very brave.

[chrisdgb] 18/12/2012 14:12

more volume today..............

[plunge] 16/12/2012 18:45

Here are the current major shareholders shown on SLG's website:

Hawk Investment Holdings Ltd 80,100,000 9.65%
Hargreave Hale Ltd 43,335,000 5.22%
Foresight Group 39,114,847 4.71%
New Hill Growth Fund 1, LP 33,640,646 4.05%
M Hennigan 31,500,000 3.79%
A Mortazavi 25,000,000 3.01%

What has happened to L&G's +/-20% shareholding? And why no corresponding holdings RNS from the company?

Edit: It now looks that L&G's holding has been reinstated. It certainly makes one wonder what is happening.

[wulwirth] 15/12/2012 00:44

No snowflake but you will, in our dreams hey! uh mine are nightmares on helm street!

[snowyflake] 15/12/2012 00:06

Is it bye bye Wither and his gravy train? Is he going to try and raise capital at a tenth of a penny?

May be we will see a trillion Sarantel shares.

I wonder if he made money when the company originally floated at 82 pence per share.

[loglorry1] 14/12/2012 13:57

At 80c though and probably lower when the market opens there isn't much point selling is there? I mean we can all do the could of should of but at the time I seem to remember a lot of bullish ideas of where Cladhan would end up. That didn't happen and then the Romanian gov put a stop on drilling, bla bla bla

I'd say now though sentiment has gone the other way too much. Breagh looks like it is going to work and we could actually get quite a bit upside surprise on it. If we get another two wells like A3 and Teeside gets resolved (not impossible) we could be producing 180mmcfd from Breagh in May. That's getting on for $100m a year of free cash flow for the next few years which is not to be sniffed at.

Would have been great if Euginia had found a load of oil but the odds were way stacked against them probably only 10% CoS just like in Namibia although some would argue otherwise.

Log

[lanaken] 14/12/2012 13:43

lsn,

Too right. I'm also guilty as charged your honour.

I do remember asking you if GKP wasn't a sell at 4 quid too.

repo

[lowersharpnose] 14/12/2012 13:25

repo,

I should have sold that day you pointed out they were $5. Should have ditched the EnCore then too. EO. were ~130-150p and I couldn't get a value above £3 even if all the best estimates for Cladhan and Breagh (maybe there was another) came in. Live and learn.

[lanaken] 14/12/2012 12:52

Well on that news most companies would proceed to flow test or announce what they are doing next.

SLG have said nothing, which is presumably as a result of their dire finances.

An encouraging result but the porosities look low.

I also note that the recent update on Breagh used the words 'available for production'.

Drilling will now commence on the fourth development well. With the remaining development wells expected to complete every 60 to 70 days (per well), five wells are anticipated to be available for production in early May 2013. Total initial production following completion of the fifth well is expected to be approx. 150 mmscfd.

The drilling there is going well, but will the problems onshore be sorted by then?

I have serious doubts, as do most potential buyers/holders. That, and the perilous state of their finances, is why this is so cheap.

Anscot and the CFO should be binned, imv.

My best expectations here are a takeout at around $1.50. I fear that Anscot would rather this go bust than try to look after shareholders.

repo

[chrisdgb] 14/12/2012 12:38

certainly some volume ticking through...

[lowersharpnose] 14/12/2012 12:31

Sterling Resources announces a gas discovery from the first exploration well in Pelican Block offshore Romania

CALGARY, Dec. 14, 2012 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or "the Company") is pleased to announce a gas discovery following the drilling of the Eugenia-1 well drilled in the Black Sea offshore Romania. The well reached a total measured depth ("MD") at 2,276 metres (2,248 metres subsea).

The preliminary log analysis indicates a total of 22 metres of gas-bearing Late Cretaceous sandstones, mainly within two intervals. Average porosity ranges from 10 to 20 percent and average gas saturations range from 55 to 62 percent. The sandstone units are located within the interval 1,938 to 2,038 metres MD. Formation pressure data and recovered gas samples from open-hole logging tools confirm moveable gas. Further detailed analysis of logs, pressure data and samples is ongoing.

In addition to these Late Cretaceous sandstones, a further 20 metre zone of interest is evident within an Eocene limestone section from 1,900 to 1,938 metres. The interval was drilled with gas shows but attempts to collect pressure data were unsuccessful although this is not an uncommon occurrence in carbonates where matrix porosity is limited. Log analysis will be undertaken to determine if the Eocene limestone could be gas bearing and producible as was the case in the adjacent Olimpiyskaya well.

"The Eugenia-1 well is the first exploration well to be drilled on the 2,312 square kilometre Pelican Block which is equivalent in size to ten United Kingdom North Sea Blocks," stated Pat Whitley, Sterling's Vice President Exploration International. "The presence of gas in both the Eocene limestone and Cretaceous sand sections in this first exploration well is a great step forward for exploration in the Pelican Block."

A third, shallower but high-risk objective of the well was to test the stratigraphy of a large Oligocene slump or fan structure as outlined by seismic. Although drilled at a downdip location to enable drilling of the deeper Eocene and Late Cretaceous main objectives from the same well location, 100 metres of good quality sandstones with some minor gas shows were encountered. "With the quality and quantity of potential reservoir sands, the Oligocene structure remains an interesting prospect updip of the current well," added Mr. Whitley.

"We are delighted to have drilled two exploration wells this year in our highly prospective blocks in the Black Sea safely and on budget and found hydrocarbons in both. We have achieved our long-stated objectives to return to operations in Romania and now plan to review these well results in planning an active work program in both blocks over the next couple of years," stated Mike Azancot, Sterling's President and CEO....

[plunge] 14/12/2012 11:25

Yes - even the in house broker has gone very quiet.

[chrisdgb] 14/12/2012 11:11

very depressing, although no news is good news...??!!!

[lonrho] 14/12/2012 10:27

Loglorry

all fair comment,but assuming breagh finally produces its five wells then that should be about 60 million pounds cash flow per year against a market cap of about 110 million.Of course if they ever drill 8 wells that should be about 100 million in cash flow per annum. However the main attraction for me and possibly a predator is the net asset value which even on a pessimistic basis is over 2 dollars a share and should provide some ultimate protection even in the worst case scenario.However if Eugenie flops which is highly possible then in the short term new lows will be made and an even better buying opportunity will occur. This would be time for a predator to pounce and I guess that the offer if hostile would be far short of my mooted net asset values.

[mark knopfler] 14/12/2012 08:56

He has a habit, seemingly, of never failing to disappoint his shareholders.