Sterling Energy Share Discussion Threads

[bobobob5] 19/8/2013 10:35

Goose: Sangaw was initially highly rated. GKP wanted it, but the licence was too dear. The KRG split it, to Sterling's irritation, to bring the Koreans in. Some geophysicists have more recently said it was never seen as particularly good...hmmm. I think some shareholders don't understand that Sterling has been a substantially Russian outfit since 2009. Quite what the geology is at Sangaw remains unclear. There is oil there somewhere, close to surface (because of the seeps) but that may be leakage from the past, with the reservoir being breached. Russian Sterling were astonished with the poor result, that's for sure, and basically they had no fall-back plan to handle it, nor have they been able to come up with one. Assuming, of course, that Sangaw North was ever any more than possible 'bunce' for them? Because if they see the offshore stuff as the real prize, does it matter? They can sit there for years, doing nothing, getting paid, simply waiting. Not a simple situation at all IMO.

[wild_goose] 19/8/2013 07:35

I don't think that is quite right.
Shagaw north was always seen as not one of the better blocks.

SSY did all they with respect to testing of the well.

Also, the drilling co. they use were not that good and the rig they used was not up to it.

[surfer2] 19/8/2013 07:14

'(2) What have they done since the failure in Kurdistan???
It's now more than two years.'

GKP's updated website appears to show Sangaw Nth and Sth as a discovery... a mistake ? from the Co. that initially wanted the Sangaw license even over Shaikan ?

what about reapply for the license and drill again with Russian money ? ( 2nd drill wasnt an option for Sey without massive dilution of all shareholders ) I still cant understand how Sangaw can be redundant -Talisman and WZR have found large oil fields at the depth contours which cross into Sey's license ....

[bobobob5] 19/8/2013 00:56

yousif: chasing after the same stuff as everyone else is hardy likely to bag Sterling a bargain. btw I have some exploration blocks (also and some producing assets) available in former USSR through my new UK/former USSR venture, but would such opportunities fit Sterling's needs? Hmmm. And in any case, Messrs Shafranik and Kroupeev would surely have a wider range of former USSR contacts than my outfit does, and I see no sign of them going down that former USSR path. So what's left? Back to Colombia? This really isn't an easy one, as I keep on saying.

imho DYOR etc

[yousif] 18/8/2013 13:58

Regarding the the most recent RNS concerning the resignation of the CEO:

(1) Does this company really need a management team???
How much do they cost???
(2) What have they done since the failure in Kurdistan???
It's now more than two years.
(3) What are you expecting them to do for the next 2-3 years???
Most probably Nothing.
(4) What are you expecting them to do with the money that they have???
Most probably keep on looking for a new project to buy but can not find
because everything is very expensive.
(5) What will be the role of the management when Murphy oil starts drilling???
They will be watching from the side and hoping for the best.
In my opinion this company can do with slimming down its management team to a single person till they find new project to buy or becomes an operator.

DYOR.

[devil20] 16/8/2013 16:12

Makes you wonder if someone from/representing SOYUZ will be taken on.

[888icb] 16/8/2013 15:53

Lets hope the new bloke actually does something. This company has sat on a pile of money for years and achived very little. The board have not been visible in anyway and the share price performance is a disgrace. Most small resource companies struggle for funds which is a problem SEY don't have. SEYs problem is no ideas and a failure to do any deals.
Things can only get better one hopes!

[puffin1] 16/8/2013 15:36

hope he is not walking with a pile of OUR money !

[septimus quaid] 16/8/2013 15:03

CEO given up the ghost?

[whe4to] 12/8/2013 10:24

Assets valued at just £9m after cash........wow!

[whe4to] 12/8/2013 10:13

Found ya Bob!SEY, One to watch......

[bobobob5] 07/8/2013 21:31

AB's comments are very sensible and I fully agree with them. This is a very tricky situation, as I have said on various occasions. Good game to win.

[surfer2] 25/7/2013 16:36

'it was the cameroon licence that really got AB animated so they and Murphy obviously believe that it is a prospective area '

yeah its not rocket science - Bowleven and Noble energy have multiple large discoveries in neighbour blocks on trend with Sey.

[tarquin de ville] 25/7/2013 13:14

Pre-consolidation the price is 1 penny. Nothing to get excited about for some time yet.

[clunes100] 25/7/2013 12:36

From a previous face to face discussion with AB prior to the duster in Iraq, it was the cameroon licence that really got AB animated so they and Murphy obviously believe that it is a prospective area - the question remains the border dispute which could be days away or decades away from resolution. If the border dispute is resolved then I think this price given the free carry and cash in the bank will be very cheap indeed. So leaving mine in the bottom draw as it will be a waiting game but hopefully eventually a game changer for SEY!

[bushman1] 22/7/2013 20:02

Wbodger, that's hugely informative, thank you for your post.

[wbodger] 22/7/2013 18:49

Interesting to read of hopes to lift force majeure, especially as Murphy subsidiary will start drilling Elombo this year. It will be well worth watching Elombo, if only for a read on force majeure.

Targetting 600 mmbo in Ntem is impressive, especially as Sterling is carried:


"... Murphy has paid to Sterling a contribution towards past costs and is committed to fully fund joint operations in relation to the current phase of exploration under the Contract which includes the drilling of one exploration well."

[bushman1] 22/7/2013 16:08

A query if I may ! Is Sterlings 50% Cameroon stake a carried interest or not ? It is noted as being so in the 2011 accounts, but not so, in today's ?

[888icb] 19/7/2013 14:38

Some signs of life here in the last few days.the share price had dropped to 34p but has risen quite quickly to 40p. Someone has just paid £30000 for 75000 shares.
It's certainly about time for some positive news.

[devil20] 18/7/2013 15:52

LOL. I'll talk it up every day then!

[outsizeclothes.com] 18/7/2013 11:22

Somebody's interested, or something's brewing here. The market can smell it.

[bobby ewing] 17/7/2013 10:13

Most definately