Sterling Energy Share Discussion Threads

[optomistic] 09/5/2015 19:29

Took a look back at my records...dangerous thing to do :-/ .... 5.15 break even!
Do I remember right that a Russian outfit had taken a large stake? if so how did they manage to get them to do that as well as us idiots?

[asturius101] 09/5/2015 16:31

Xiggly cut your losses now mate. Trust me, you will feel better after.

[dave-w] 09/5/2015 15:26

Doubled my money on paper between '04 and '06 here.... got carried away with enthusiasm and failed to realise anything. Now just 2% left! Perhaps we should start a class action claiming the directors run a Ponzi Scheme... except it would fail because nothing has ever been paid out!!

[optomistic] 09/5/2015 08:24

xiggly, I've not been in quite 10 years but long enough to lose most of the value of my 'investment' I had hoped when they were drilling in Kurdistan (I think that was the place where the last big drill was) after that went sour I'm afraid I can see very little chance of getting any serious cash back from SEY.
So as the directors as you say continue on their gravy train we as shareholders will just have to grin and bear it because there is absolutely nothing we can do but keep our finger crossed for a miracle to happen.
More than likely it will be when some workman is digging a hole for a new dunny all of a sudden he will be propelled into the air with a massive oil spout erupting from beneath his feet! ;-)))))

[optomistic] 08/5/2015 19:18

appropriate post xiggly !!

[puffin1] 08/5/2015 12:20

don't hold your breath !

[nick rubens] 08/5/2015 11:27

How long before a drill will turn here? Years? cheers NR

[vitec] 04/5/2015 20:43

I hold Petrel Resources. They are indeed 3.125p to buy but I certainly will NOT be buying any further shares. If you want a punt then at this price go ahead but you are just as likely to lose your money then make any money! I sold Petrel at £1.30 per share 7 years ago when they were talking about all manner of exciting projects. The market has revalued the company based on where they stand today. That is why the market cap is so low.

[888icb] 27/4/2015 23:41

Komsos has announced a major gas find in Mauritania in an offshore block not far from the Sterling block. Perhaps someone can comment on whether this is likely to benefit Sterling. We could certainly do with some good news.

[puffin1] 27/4/2015 08:39

What are the chances of oil being present or signs of COMMERCIAL find 1000--1 ?

[storming norm] 16/4/2015 07:39

Septimus
That makes me feel better - I only need a 9 bagger.

[septimus quaid] 16/4/2015 05:26

Things started to go badly wrong for Sterling's investors in Spring 2006 when the much vaunted Chinguetti oilfield, in offshore Mauritania, failed to deliver its promised 30k BOPD.

There have been a string of disappointments since, Thunderstud, Kurdistan, etc.

Chinguetti aside, the rest was just share investment punterism: raise some capital, do some geophysics, farm out, drill a well or two, until:

a) they (we) get lucky, or
b) the cash runs out

All seemingly in areas with big geo-political risks.

I would need a 12 bagger from here just to break even.

[hugepants] 15/4/2015 19:28

You are ignoring current liabilities of $17M. There's also inventory and trade receivables of $5.5M. Netting that off takes 3.5p per share off your total.

I think another reason for the current share price is SEY has a drilling commitment that isn't all that attractive re risk/reward. See posts #5865 and #5866 by ghhghh. After drilling there may be only $50M left.

[zengas] 15/4/2015 15:29

Small amount of net oil production might be loss making but with $108m cash and no debt at the end of December (Decommissioning costs about $22m and possibly maybe 2 years out).

Using $105m cash at current exchange rates equates to £71m over 220m shares = 32.29p cash per share.

Setting aside $22m for decommissioning would be 6.8p. That might not be required for 2 years. If the field was shut-in and put on care and maintenance, it could delay decommissioning by another year - 18 months, putting it 3 years down the road.

There's 32.29p cash now (Circa 25p+ after any decommissioning).

Would love to see some of this cash put to use or someone like T5 on the acquisition trail come along and do a deal with SEY if SEY don't pick up any other asset.

Absolutely no value attributed to the assets it does hold.

[odvod] 15/4/2015 13:17

net cash outflow + a loss
57 USD/ dollar producing costs makes it loss making atm

[puffin1] 23/3/2015 09:59

more mouths to feed on the board . Hope this one brings Oil to the table not dry holes !

[doohoma3] 16/3/2015 10:28

yippee one of the movers of the day on volume of 50 sterling