Sterling Energy Share Discussion Threads

[devil20] 18/3/2013 08:50

Seems SEY are holding their own. Still cask rich and it looks like they've turned down over-expensive deals. I thought they might of found what-ever it is SOYUZ are in for.

[donaferentes] 16/3/2013 12:27

it is a sorry track record, Chingetti, the US purchase and sale, thunderstud and Sangsaw - too right!

AB, I remember from Emerald days, was never one to let shareholders know what he was up to in advance of achieving his aims - but I agree, even he has had enough time to think about things and needs to communicate what his vision now is.

[clunes100] 13/3/2013 18:50

Bob5

I disagree, there are things that they could have done or achieved in the timescale, other small oilers have farmed into licences, purchased licences, invested the cash in other oilers. Frankly, if they are so good they could have offered their services out as consultants to at least cover their salaries.

If I didn't produce anything for my stakeholders, I would be out, plain and simple. I am afraid that they need to come clean with the shareholders and let us know what they have been up to even if it has come to nothing and in what direction they intend to take the company.

I am afraid that I was in so deep and into the next story line before the previous one failed, it is a sorry track record, Chingetti, the US purchase and sale, thunderstud and Sangsaw. The last story line, 'we are holding onto our cash so we have flexibility to respond to opportunities' is wearing thin. Well lets have - what opportunities?

[devil20] 13/3/2013 17:02

bobobob. When Soyuz bought in december, the decision to abandon Kurd must surely already have been taken. If that's so...what DID they buy in for?

[bobobob5] 13/3/2013 16:56

I don't think Sterling have an easy problem to solve. They never expected Sangaw to be a P&A; finding some solution (other than sitting around waiting for the offshore situation to finally mature, or throwing in the sponge and selling off the assets and returning cash to the shareholders) is imo exceptionally difficult.

[puffin1] 13/3/2013 02:30

They should be paid by results not for sitting on there backsides .
Could they for all our money we pay them not give us some news please !

[nickiegaul] 12/3/2013 09:21

I think your not being fair to our hard working board of directors, on a regular basis their are transferring a large amount of our cash pile to their own cash pile

[devil20] 10/3/2013 12:47

I just hope that when they do finally 'break wind' it'll be something worthwhile!

[clunes100] 10/3/2013 12:23

The board is so silent, one wonders what they are doing for their salries. I wrote to them a while back and suggested they at least invest some of the cash pile in other oil companies but got no reply. If Tom Cross can use PMG's money to invest in Faroe, why can't AB do something similiar. One could argue that instead of risking everything on spud a single well, they could spread their risk over many other oilers. Surely that has to be better than doing nothing.

[triples] 10/3/2013 11:51

But would you trust them to do anything useful with that cashpile after their clear demonstration of their abilities thus far?

[888icb] 10/3/2013 10:33

SEY is not doing anything in Kurdistan so what is the point of the above post?
The board of Directors of SEY appear to have been in hibernation for the last 4 years and shareholders hope that this spring they will wake up and do something with the large cash pile.

[devil20] 08/3/2013 11:49

Hi puffin. Yes...a few words from the powers that be would be very welcome!

[puffin1] 08/3/2013 11:19

Is anybody still in the office ? a sign of life would be nice !

[888icb] 17/2/2013 15:17

One can only assume that the Russians know something because as you say why would they want their money festering here for years. A new investment would seem the answer and with their large pile of cash they are well placed to act.
An announcement to shareholders about a new plan is long overdue. Just today in the Sunday Times it says the 2 men who turned Cove Energy into a £1.2 Billion company are looking to raise £50 million for a new venture in oil and gas.Sterling have more cash than that available now.
The Board need a serious wake up call as they have not earned their salaries over the last 4 years.

[devil20] 07/2/2013 12:26

Tarq. Quite true. As I say...let's hope AB has something more positive to offer before long.

[devil20] 07/2/2013 11:10

Morning lads. I bought back a few in here hoping they might announce another drill. That RNS was was a surprise. Let's hope with Soyuz they have something a bit more spectacular to announce in the near future. It's been a bloody circus so far!!

[puffin1] 07/2/2013 11:05

Ha Ha Clunes100 (i hope!)

[clunes100] 06/2/2013 22:47

Maybe they have bought the 1.5bn newly issued VOG shares!!

[888icb] 05/2/2013 22:22

I agree that it is a sorry tale and that it has taken the Directors so long to let their shareholders know they had decided to give up their Kurdistan license.
One can't help wondering what the directors have done for the last 2 years.
However having recently brought on Board a substantial new Russian Shareholder it would be equally shocking if they didn't have a new plan to invest the £80 million cash in a worthwhile project.
Let's hope we don't have long to wait.

[jarvis4] 05/2/2013 21:52

So, let me get this right, having been an early entrant into Kurdistan and having had the pick of locations where, we were told time after time, there were surface seeps of oil, Sterling - in one of the last, undeveloped, oil rich areas on earth - has, after many years , come up with absolutely nothing and given up its acreage.

To say that is shocking is an understatement.

[devil20] 05/2/2013 12:30

bobobob. AB and Soyuz must have things in mind for SEY. Any ideas on what they may be?