Sterling Energy Share Discussion Threads

[excellance] 24/5/2020 23:10

three year down trend is now broken, breakout confirmed, but no idea why!

[excellance] 24/5/2020 23:09

free stock charts from uk.advfn.com

[excellance] 23/5/2020 13:28

free stock charts from uk.advfn.com

[excellance] 23/5/2020 13:27

i have to confess to selling out in 2010 immediately after taking advantage of the 40/1 share consolidation and open offer taking a nice little opportunist profit. i did hold a few for the failed sangaw drilling in kurdistan but limited my exposure to reflect the high risk. Delighted SEY got rid of the USA business and that the dwindling chinguetti field came to an end without massive cash penalties. cash position at that point was $120m, and despite several projects since SEY now only has $45m in the bank and 34% free carry on an exploration license in Somaliland which wont drill for another two years. So what can we expect in the next 12 months and why are credit suisse holding and YF increasing their holding? The market is awash with distressed oil companies, so opportunities abound right now, but with economic activity increasing post covid and central banks providing infinite liquidity surely now is a great time for SEY to poach some producing assets to provide long term financial security? free stock charts from uk.advfn.com

[excellance] 22/5/2020 19:35

well, we don't know what goes on behind closed doors, but excluding a blue sky deal investors should be aware that they may potentially face a lengthy wait. However, with credit suisse holding firm and YF taking a stake maybe something is about to happen?

[excellance] 22/5/2020 18:37

so, no drilling of Somaliland for another 2 years, but we could get some interpretation data. meanwhile the bod continue to look at other projects. interesting bunch of shareholders!

[excellance] 22/5/2020 18:12

YF also own a large chunk of TAG oil for "investment purposes"

[excellance] 22/5/2020 18:12

these are the people who recently bought upto 4% of SEY MERIDIAN CAPITAL INTERNATIONAL FUND (WHOLLY OWNS YF FINANCE LIMITED) MERIDIAN CAPITAL LIMITED (WHOLLY OWNS MERIDIAN CAPITAL INTERNATIONAL FUND) ASKAR ALSHINBAYEV, NURZHAN SUBKHANBERDIN AND YF TRUSTEE (BERMUDA) LIMITED (CONTROLS MERIDIAN CAPITAL LIMITED) YEVGENIY FELD (BENEFICIARY OF YF TRUSTEE (BERMUDA) LIMITED)

[excellance] 22/5/2020 16:40

SEY board convening dodging shareholders at the AGM too. This is in limbo, the BOD are obviously working this on a part time basis, but surely the major holders will want to see some progress or have the cash returned to shareholders? Something has to give!!

[excellance] 22/5/2020 12:46

Very true, and the covid 19 disaster has presented many opportunities for those wishing to take them. The question is, why are there four fairly experienced directors on the Board of a company that currently has very little to do but holds a load of cash? Who is buying this and forcing the share price up when there isn't a story to sell yet Ok I bought a small chunk for the cash shell, not for the Somaliland free carry which is probably worthless anyway...but time will tell.

[septimus quaid] 22/5/2020 11:13

SEY definitely dodged a bullet by not investing into any oil related assets in 2019, that would have been a total disaster.

[excellance] 22/5/2020 09:51

Aren't Centrica trying to sell Spirit Energy? $45m would be a reasonable deposit!

[kaos3] 22/5/2020 04:53

like an old virgin - no one is ok

[excellance] 22/5/2020 02:33

Allegedly they've had 50 opportunities on their desk in the past year, but I'm not sure now is a good time for risky drilling if there's no cash for development for years. I'm hoping they don't enter stupid deals that squander their cash advantage, and instead go for royalties deals that provide distressed oil companies with liquidity during this short downturn.

[excellance] 21/5/2020 17:02

new thread created reflecting the new status as a cash shell/energy sector investment company.

[excellance] 21/5/2020 16:56

New thread for a new era for Sterling energy. £22m mkt cap, $45m in the bank, and a free carry on a Somaliland project operated by big boy Genel 2020 could be the start of a new journey with this relatively new but fairly widely experienced team that must be itching to prove themselves. Obviously the oil industry is in chaos right now, with oil prices having collapsed to multi year lows and many projects being shelved and many others running at a loss, surely now would be a great time for a company with cash to drive good bargains and get their knees under the table with bigger fish in the sector? The oil price is beginning to recover, $35 today, but still $20+ away from safety so the team have to be wise, sensible and responsible so they don't squander their financial advantage. High risk certainly, but opportunities will come.

[excellance] 21/5/2020 16:16

Sterling is debt free, with a strong balance sheet (about $45m in May 2020) and is fully funded for its work commitments at Odewayne, Somaliland (34%), through 2020 where the Group has a free carry on exploration operated by Genel (50%), and is also well positioned to take full advantage of the current oil market, with a strategic emphasis on securing near term cash flow generative opportunities. The days of Chinguetti and Sangaw are long gone, SEY is essentially a cash shell looking for opportunities, and the relatively new board of directors have a geographical bias towards the east. The board are CEO David Marshall, non exec chairman Michael Kroupeev, senior independent non exec Leo Koot and non exec Ilya Belyaev. While the individuals in this team have a sparkling record they are yet to deliver anything as a team, but with cash to spend and the oil market is chaos they could start to prove themselves imminently. 31-12-19 During 2019 our team intensified screening and pre-selection of E&P opportunities that meet corporate standards and the class of assets targeted by the Group. Some of the key criteria were reviewed and updated by the Board to improve focus and concentrate on added value and secure cases in what has been and continues to be a volatile market. The Somaliland acreage remains an attractive opportunity in the long term, subject to good progress by the Operator Genel Energy which carries our costs inclusive of the drilling of the first well and has a strong cash balance to weather the downturn and fund its operations. Results of the reprocessed 2D seismic data are now ready for interpretation and we are hopeful this will show potential for material accumulations of hydrocarbons. During the year, the operator successfully applied for the extension of the Third Exploration Period, which was subsequently granted by the state authority. Once interpretation work is complete the Operator may elect to proceed to the Fourth Exploration Period which will focus on additional seismic and the drilling of an exploration well. 13-9-19 The Government of the Republic of Somaliland has granted a continued extension to the current period of the Odewayne Production Sharing Agreement ("PSA"). The expiry dates of the relevant exploration periods under the PSA shall now be: Third Period: 2 November 2020; Fourth Period (optional): 2 May 2022; Fifth Period (optional): 2 May 2023; and Sixth Period (optional): 2 May 2024. 23-4-19 Michael Kroupeev is now beneficially interested in 64,315,517 shares, representing approximately 29.2% of the Company's issued share capital. Investors---------Number of Shares-------Total% Waterford -------------64,315,517----------------------29.23% Zion SPC --------------36,611,361-----------------------16.64% Mistyvale Ltd--------34,467,790-----------------------15.66% Denis O'Brien--------15,750,000------------------------7.16% Credit Suisse---------14,930,358------------------------6.78% YF Finance Ltd-------8,831,197-------------------------4.01% Https://www.sterlingenergyuk.com/

[excellance] 21/5/2020 15:35

If they can't find a financially distressed energy company in this market they should just dissolve and redistribute their cash. Maybe Sterling should become an investment company rather than getting their own hands dirty?

[excellance] 21/5/2020 15:28

If they can't find a financially distressed energy company in this market they should just dissolve and redistribute their cash.

[roks] 16/4/2020 08:41

wow this is going up?

[cashandcard] 16/4/2020 01:10

If there actually is a cashpile of 45million while marketcap is 16million, why are shareholders not organising and pushing, via general meetings, to wind this up and return cash to shareholders. It is literally a waste of funds to keep this alive.Quite astonished an activist or concert party has not appeared on the scene to take control and lay claim to that cash.Cash