Share Name Share Symbol Market Type Share ISIN Share Description
Sterling Energy Plc LSE:SEY London Ordinary Share GB00B4X3Q493 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.35 -3.88% 8.675 8.55 8.80 0.00 0.00 - 47,753 16:35:23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.4 -1.5 -0.7 - 19

Sterling Energy Share Discussion Threads

Showing 32951 to 32973 of 33100 messages
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after MANY MANY MANY MANY years of this absolute horrendous misery from this disgraceful company and its completely incompetent directors where all of us have just about lost all of our money , we have to ask ourselves are we actually being cheated and conned by this disgraceful lot , they all draw a huge salary from our share money year after year for the last decade or more and do absolutely nothing for it whilst we private investors have lost every penny we have ever invested with them - ---------- SOMETHING IS VERY VERY VERY VERY WRONG WITH THIS COMPANY WHERE DIRECTORS CAN DRAW HUGE SALARIES WITH OUR MONEY AND DO ABSOLUTELY NOTHING FOR IT , WAKE UP PEOPLE WE ARE ALL BEING TAKEN FOR A RIDE WITH THIS LOT AND THEY WILL JUST CONTINUE TO DRAW THERE HUGE SALARIES ON OUR MONEY UNTIL THE COMPANY IS FINALLY WASHED UP FINISHED !!!!!!!!!
...he will be sadly missed, must see where he goes next...should be good for a short!
SEY CEO Eksil Jersing has resigned. You only have to look at his LinkedIn profile to see he was never going to be a stayer. During his three year’s tenureship, the share price has done nothing but collapse further.
septimus quaid
29/01/18 will be the 5th anniversary since SEY withdrew from Kurdistan. Apart from a load of verbiage, not a sausage since. ...and in that time the shareprice has dropped from 40p to 13p.
septimus quaid
Wantmore Please go and see your therapist, urgently! And/or stop drinking for lunch.
Just keeping an eye out but I wonder if the present board will achieve a new share price low (beating the previous record of 12.25p on 07/12/15)? Retired now but if I'd been as poor as this lot, in my former profession, I would have been sacked.
septimus quaid
How would the directors pay themselves if they did that honourable thing???
Yes for many years but unfortunately the Directors still take salaries. One of the most disgraceful companies on the market. They sit on a massive pile of cash which is not reflected in the sp,which they should return to shareholders as they are not investing it.
Is SEY in hybernation?
HNR - TWO wells successfully drilled with abundant oil and gas in samples extracted! Fracking and FIRST OIL next month! Don't miss this train!
The cash is being preserved to help GPX restart oil production once sanctions are listed.
A rare bit of news this week from the company with the most idle and useless board of directors on the stock exchange. They are sitting on a mountain of cash,drawing there large unearned salaries and doing sweet FA. An utter disgrace and you should give the cash back to the very long suffering shareholders.
Kosmos Energy says that the Tortue field offshore Mauritania in the Atlantic Ocean has been confirmed as a world-class resource following successful completion of a drill stem test (DST) of the Tortue-1 exploration well. BP has a 62% stake in this project. Sterling has interests in Mauritania... BP and Kosmos hail Tortue-1 stem tests Results reaffirm prospect off Mauritania as 'world-class gas resource' BP and its partner Kosmos Energy have completed drillstem testing of the Tortue-1 well off Mauritania with positive results. Drilled in 2700 metres of water, Tortue-1 flowed at a sustained though equipment-constrained rate of 60 million cubic feet per day during an extended flow period with minimal pressure drawdown. Kosmos, whose shares began trading in London this week, said the results provide confidence in well designs each capable of producing about 200 MMcfd. Kosmos chief executive Andy Inglis said
One last golden hurray from Chinguetti before they start knocking the nails in the coffin: Average net Group entitlement to production of 320 barrels of oil per day ('bopd') (1H 2016: 214 bopd). Http://
septimus quaid
As alluded to by Irish, are the monies intended to pay for decommissioning not "embedded" somewhere else in the accounts, hence the cash already sits net? Otherwise there would be a risk of not having enough to pay for decommissioning which must be an absolute no-no.
septimus quaid
Statement of financial position At 30 June 2017, Sterling held $83.5 million cash and cash equivalents available for its own use (30 June 2016: $92.4 million). Group net assets at 30 June 2017 were $76.1 million (30 June 2016: $78.6 million). Non-current assets totalled $22.5 million (30 June 2016: $18.8 million) with net current assets reducing to $78.1 million (30 June 2016: $92.3 million). The Group's Chinguetti decommissioning provision (current and non-current) at 30 June 2017 was $31.6 million (30 June 2016: $32.4 million) reflecting the Group's current estimate of gross abandonment and decommissioning cost. so 40m£ net cash cf £32m market cap
Irish, thanks for your comprehensive article. Once these small AIM stocks run into trouble then small PIs can quickly say goodbye to their money. Although SEY aren't actually "in trouble" (yet), any MBO would require the majority of shares being wrested from the following (09/03/17): Waterford Finance and Investment 64,815,517 29.45% Finance Limited 36,611,361 16.64% Limited 34,467,790 15.66% O'Brien 15,750,000 7.16% Heritage 14,930,358 6.78% Unless they go for some form of share dilution but that will require money. Alternatively, they could run the company into the ground and buy the assets on the cheap.
septimus quaid
Re Cash required to decommission existing activities, in particular the Chinguetti Field: I have never seen a PSA in the last 25 years that does not require the Operator and JV partners to establish a Sinking Fund for decommissioning, financed from cash from every barrel sold over the life time of the field. This Sinking Fund is not just to protect the host country from the Operator doing a runner, its also there to protect the Operator form the junior JV partners from also do a runner (or in bankruptcy). So the cash for the decommissioning should already be in the SPV Co set up by the operator for Chinguetti Field. Thus no cash should be required from Sterling. In deed Sterling might get cash from the SPV if decommissioning costs are lower (which they are these days). Maybe if there was a disaster in the Chinguetti Field, then probably the cash in the Sinking Fund would not be enough, but that should be covered by insurance. This is why I am sure the management are going to do an MBO. Shareholders who are so frustrated with this management, might be inclined to think the management are just stupid. Believe you me, nobody in the Oil industry is stupid, especially when the see an easy opportunity. They are not communicating any of this information to the market, hoping the shares will drift lower, say 12p, and then launch the MBO (very easy money). So sit tight if you don’t need to sell. I still say free cash is 28p and Somaliland maybe 16p now that they have done the Seismic (without any trouble). And remember Genel also pay for ALL COSTS including the 1st well, so it’s a completely free ride for Sterling (no cash required). If the hit c 50m barrel in the 1st well, at $5 a barrel that’s is worth another c. 30p a share to Sterling. Genel are targeting 1,000 barrels in the block so the share price will go crazy. So that is 44p a share now, and if they hit oil in Somaliland 75p to blue sky. A MBO will make millions and millions (at no cost, its all there in cash).
irish 2003
Should be due the half year results in the next week or so
septimus quaid
Irish2003 Whilst i share your view "something is cooking" - i believe your valuation is far, far too high. Sterling will have to separate itself from a very large chunk of cash when they abandon the producing field in which they have a stake. Maybe they will be 20p of net cash left, but not even that is certain in any ways. Add Somaliland to that and shareholders should be happy to get 25p for their shares, probably less.
Just to follow up This is a very good site for updates on Somaliland hxxp:// Interesting Seismic in Somaliland started on the 7th April ? Yet Sterling only announced it on the 9th June, election results day! This is why I am sure the management are up to something, and that can only be an MBO. So hold if you can, cash per share is 28p and add another 12p for Somaliland, should be 40p per share. Good luck
irish 2003
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