Sterling Energy Share Discussion Threads

[puffin1] 01/12/2011 15:39

So what have they done ? Are we to drill another dry hole or not ? ? in Kurdistan.

[gaz57] 30/11/2011 05:16

Is it not today that is the deadline for renewal of our kurdistan options? Hope to hear something positive soon from this dog of a share.

GLA

[nick rubens] 21/11/2011 11:46

Added a few today. Best time to buy is when sentiment is low in the market. Mkt cap is mostly cash and they have production too. The turnaround could be swift with most sitting on the side caught napping when it comes.

[gaz57] 20/11/2011 12:33

I have held this stock for a couple of years now, and at present sat on a considerable 'paper' loss. Can anyone tell me of any reason to be optimistic for it's future? I'm trying not to be negative, one plus is that the gains I've made on GKP, which I invested in at the same time, have sweetened these losses. Just considering taking out what I have left and putting into somewhere else with a greater 'warm fuzzy' about it.

Sods law will have it though that after waiting for so long, the moment I sell something will happen here. The old adage of riding your winners and cutting your losses springs to mind though.

All the best

[sharegroper] 14/11/2011 23:17

Hi Acamas
Nice of you to call bye, some of us are still waiting for the bus to arrive?
Do you remember Banda? still in the frame with Tlw as the operator.
Surely something must come good.
SG1

[septimus quaid] 14/11/2011 18:10

Acamas,

Not really the same management now, there has been wholesale changes.

[acamas] 12/11/2011 10:55

Hi folks, first time I have read the posts for a couple of months. Just seems like more of the same output from the SEY team. Nothing of any real importance today but beyond the grey clouds there are blue skies ahead

It would be wonderful to read they have a commercial oil find to report. I wonder when the SEY management last saw some crude oil?

[simonparker5] 11/11/2011 14:23

Highlands don't kid yourself.

[highlands] 11/11/2011 09:11

Good to see directors buying but that also means there is no significant imminent news coming that they are aware of.

[gaz57] 11/11/2011 05:14

Many thanks Denny,

I recall it was the interim management statement a couple of weeks back that mentioned about ongoing analysis at Sangaw. I thought I had read somewhere about their drilling licence expiring November and whether or not they were going to take up the option to renew. Does anyone know if this is correct, or a timescale?

Good news ref our 'African partner' Exxon venturing into kurdistan in a big way. Their expertise in how to find the black gold would not go amiss here.

Cheers

[85gary] 11/11/2011 03:22

potential game changer for Kurdy expos.

[denny_blood] 10/11/2011 20:38

Gaz I think they said that they are basically analyzing all the data and info gathered from all the Kurdistan drilling and operations and from that will make a decision on whether or not to drill again.

[gaz57] 09/11/2011 18:20

Can anyone please explain if there is any significance in these price monitoring extensions?

Also, should we not have heard of SEY's intensions wrt kurdish acreage. If they will be extending their stay for another drill or quitting?

TIA

[nick rubens] 08/11/2011 15:48

Great Value..added this stock before the bib investors comes back again ahead of exploration and drill campaigns.

[poo bear] 07/11/2011 07:17

And after the Mauritainia news, a timely award of options to directors for doing nothing.

Typical.

Shame the Tullow news didn't happen about 13 pence ago in old money.

[puffin1] 04/11/2011 13:07

this look like it may be good news , after all they seem to have a better record than SEY with the DRILL BIT !!!

[bobobob5] 03/11/2011 07:52

This seems a good deal to me. Whilst it is not a free carry, there is an (unstated) payment toward past costs.

Murphy produced 186,400 boepd in 2010, and their target for 2011 is 200,000 to 210,000 boepd. They are not small and employ a lot of peoeple.

I don't think they would have got involved with this deal unless they were pretty positive about it.

[excellance] 02/11/2011 21:28

i dunno what the banda connection will mean to SEY, but currently SEY are valued at £110m mkt cap with 600 bopd production and $100m in the bank.

who knows what will happen at Sangaw, Cameroon or Madagascar, but the valuation looks cheap if SEY get a cut of Banda for free!

[talkman] 02/11/2011 18:04

How significant is this for SEY ?

[sharegroper] 02/11/2011 17:20

Here is a little background to Banda
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Mauritania: PSC A & PSC B

Location Nouakchott sub-basin (Northern MSGBC Basin)
Area 15,064 km² (PSC A - 6,969km² / PSC B - 8,095 km²)
Sterling Equity Share of State back-in on Chinguetti Field
Partners Petronas (Operator), Tullow, SMH, KUFPEC, Premier, ROC
Sterling Net Revenue Interest %
PSC A: Sliding scale royalty over 3%
PSC B: Sliding scale royalty over 6% (except 5.28% of the Chinguetti Field)
Chinguetti Funding Agreement with SMH Economic interest for approximatley 8% of Chinguetti project
Gross production continued to decline during 2010, but at a reduced rate. Production declined from 8,600 bopd in January to 7,400 bopd in December. The average production net to Sterling during 2010 was 654 bopd.
As a result of the lower observed decline rate, Sterling estimates that at the end of 2010 Chinguetti held a remaining 6.1 mmbbl of gross 2P reserves that could be accessed with the existing wells. This is reflected in the upwards revision of Sterling's net reserves to 0.42 mmbbl.
No in-fill drilling or work-over activity took place on the Chinguetti field during 2010. The annual planned FPSO shutdown was postponed until 2011.
Petronas, the operator, continues to investigate the potential for a Phase 3 drilling campaign to access contingent resources from the Chinguetti field. However further development may not be economic and, in the absence of Phase 3, the field could be abandoned earlier than originally planned.
The joint venture partners in PSC A and PSC B are reportedly negotiating the extension of both contracts with the Mauritanian Government, as well as discussing potential development options and gas markets for the Banda gas field. In the event these are extended, Sterling would be entitled to revenue under its royalty interest agreements with Premier Oil from any commercial development of Banda or other discoveries within these contract areas

[clunes100] 02/11/2011 09:06

From memory Banda production would be a 3% royalty to SEY.