Sarantel Share Discussion Threads

[wbodger] 30/9/2013 19:38

And a price kick. Romania is a good call. Here's the link to an article on Bloomberg, posted on TMF by loglorry

(Interesting Vitol opening a Romania office. Hmmm.)

On stockhouse a poster wrote that results from A06 Breagh are due this week. I don't know if that is true.

Lots of loose ends to be tied up, not forgetting the small matter of a CEO. Iain McKendrick (IAE) has just become available. Or Alan Booth anyone? McKendrick will have enhanced his reputation at Ithaca and would get my approval. I think I would double up.

[lowersharpnose] 27/9/2013 22:18

A bit more volume today. I think log suggested that there maybe stirrings in Romania (far away from Breagh - though SLG still not a mover and shaker).

[wbodger] 25/9/2013 20:28

Nice picture. Completely uncontaminated by gas residue stains, grrrr :
hxxp://www.offshoreenergytoday.com/ode-supports-rwe-dea-uks-north-sea-operations/

Slight error in the write-up, still referring to start-up in September.

Nice to have a couple of names to e-mail my displeasure at the project management at Teesside.

[wbodger] 23/9/2013 14:01

You took the epithet right out of my mouth, although mine was milder than yours. Don't ever sign a contract to have your energy supplied by RWE.

I think Sterling are being lied to as well. "one of which requires removal to a suitable repair facility", ye gods, can't they even tell us where? We're working on it.

[wbodger] 12/9/2013 12:49

I agree the gas is in the price now.

Over to you, Vitol. Can we have a CEO please?

[lowersharpnose] 11/9/2013 20:01

log,

I don't mind picky.

The Q2 results, out on 20th Aug, have "...it is likely that start-up will slip to mid-September"



This was what I queried and was told that we are still on for mid-September.

£1 says we tick up at the close.

[loglorry1] 11/9/2013 19:24

lsn sorry to be picky but did they say "mid-September" rather than September because recent NR have stated just September?

Log

[lowersharpnose] 11/9/2013 17:01

I have enquired and heard we are still on schedule for production start up in mid-Sept. So, we should get a news release soon.

[wbodger] 10/9/2013 22:59

Perhaps. Nice movement in Toronto from about mid session. Not unusual volume.

Gas would make sense. I wonder what set things off.

[lowersharpnose] 10/9/2013 19:21

Hey up.

On Aug 20th they said about Breagh that it is likely that start-up will slip to mid-September

Can I smell gas?

[wbodger] 05/9/2013 09:04

Do they have to bid to protect their investment, or just have control? They will bid if they think the share price is a bargain, and presumably carve it up, but what if they think a decent manager could use the cash flow wisely (there's a novel idea) to enhance the Company, build it up and sell it as a going concern later. Maybe even sell Breagh after development, and return cash.

Or they could get themselves a blocking stake and keep it around. The vital(sic) thing would be to have a strong Boardroom presence.

[loglorry1] 05/9/2013 08:27

No CEO required if Vitol are going to bid again!

[ohisay] 04/9/2013 23:39

I think Azancot left because he wasn't comfortable with the idea that more money might be coming in than going out over the next few months.

[wbodger] 04/9/2013 21:14

I take your point about RWE Q3, lonrho, I did not know that. (Anyone know the social diary for the head of RWE later this month, any plans to visit Teesside? ;-)

The Board need to make an early appointment to CEO. It's not a good thing to let these things drift - it's now a week. I can't believe they weren't ready. The timing of MA's departure remains curious. Reasonably polite language in the announcement but no reason given, so sacked seems likely. Maybe some shareholders didn't want him to get credit for the gas when it does start, in case he might try to hang around.

Looks like they are deferring other management changes (eg CFO) until a new CEO appointment.

I see George Osborne was speaking about the new tax rules for decommissioning yesterday. (Sam Laidlaw also quoted.)

[lowersharpnose] 04/9/2013 21:09

A similar pattern to the share trading for the last few sessions, down most of the day and rises towards the end. I assume this is someone buying quietly.

[lonrho] 30/8/2013 09:27

I think it unlikely that Breagh will not start production some time in September especially as RWE have quoted Q3 production in their recent results.Re azancot I think he has been fired at the behest of major shareholders and I think the timing is positive in that he was kept until the last of the negative announcements have been made. With regards to the Breagh production levels someone is being conservative with the forecasts,either the new chairman at Sterling or new management at RWE. I hope the CEO exit is swiftly followed by the CFO who I hold equally culpable in the shambles of the last eighteen months.

[wbodger] 29/8/2013 23:51

Market was very slightly positive at the end - better than Steve Ballmer's exit, not good for the ego when the market cheers your departure.

Timing still to be explained, imo. I fear the worst and hope for the best.

[wbodger] 29/8/2013 16:01

CALGARY, Aug. 29, 2013 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or the "Company") today announced that Mike Azancot has left the employment of Sterling. Mr. Jacob Ulrich, the Chairman of the board of directors of Sterling (the "Board"), will serve as Interim Chief Executive Officer until the Company appoints a suitable replacement. With Mr. Azancot's departure, the Board has initiated a search process for a permanent Chief Executive Officer.



I suppose this was the deal when Vitol pulled out of the takeover.

Anyway, I expect a significant statement on Breagh either way very soon.

[lowersharpnose] 13/8/2013 16:14

Sterling Resources Announces Breagh Well Test Results and Revised 2013 Production Guidance

CALGARY, Aug. 13, 2013 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or "the Company") announces production test results for recently completed Breagh development wells A04 and A05 and resultant revised 2013 production guidance.

A05 is now completed, having reached a total depth of 12,810 feet measured depth at a location 2.5 kilometres north east of the Breagh Alpha platform. The well has been tested at a maximum rate of 21 million standard cubic feet per day ("MMscf/d"). Following the testing of the A05 well, the A04 well which was drilled, completed and suspended in February 2013, was tested and produced at a maximum rate of 26 MMscf/d. The wells are anticipated to provide a combined initial production capacity of some 45 MMscf/d under expected production conditions.

Initial gross production at Breagh is expected to be approximately 135 MMscf/d with five of the seven planned production wells on-stream. The average production rate for the field is now forecast to be circa 102 MMscf/d (31 MMscf/d net to Sterling) for the remainder of 2013, assuming first gas production in mid-September. This estimate reflects appropriate field uptime assumptions following production start-up of the wells and the processing plant, and compares to the previous forecast of May 21st 2013 of 170 MMscf/d (51 MMscf/d net to Sterling), which assumed an early August production start.

Total average production during 2014 at Breagh is now estimated to be 112 MMscf/d (33 MMscf/d net to Sterling). This compares to the previous forecast average production rate of 146 MMscf/d (44 MMscf/d net to Sterling).

"We are pleased to be able to put another two development wells into service with a combined total of 45 MMscf/d of production," stated John Rapach, Sterling's Chief Operating Officer. "However, the A05 production rate is somewhat lower than expected, as our petrophysical analysis suggests that the well had encountered the best sands yet found across the field. RWE Dea as operator of Breagh is evaluating the data and may recommend remedial actions which could be conducted in early 2014," added Mr. Rapach.

[wbodger] 31/7/2013 17:16

thanks for that, l.

[lonrho] 30/7/2013 13:59

yes petroceltic have a drill in second half in which sterling have 40% but don't know of any drills on sterling's two main romanian blocks. Yesterday was the first day the shares looked as though they were being held down, for the last few months it looked as though they were being held up by buys just before the close at around the last placing price.