Sterling Energy Share Discussion Threads

[rrr] 03/9/2019 17:26

Why the sudden rise I wonder?

[puffin1] 29/8/2019 21:06

Well i am out at long last on a loss but after 12 years have had it . ByeBye SEY good luck to all holders .

[excellance] 22/8/2019 22:15

maybe they'll invest on rockhopper's sea lion field with premier oil?

[cashandcard] 22/8/2019 21:48

Guys organise a general meeting and try to get as much support amongst PI's and insti's to wind this up. Its better that way as cash position is excess of marketcap. There are no debts so, windup and return capital to shareholders.Alternative? Lose what remains of your investment here.Cash

[xiggly] 22/8/2019 20:39

optomistic / septimus

our only hope is SEY finding oil in somalia when or if they finally do drill which i would imagine will be the back end of 2020 ,
trying to sound optimistic hear , you would like to think they have pretty sophisticated state of the art equipment to locate the brown stuff and they have been doing there homework so there may be a good chance of them actually finding oil , lets also not forget nobody has ever drilled for oil in somalia so there is a good chance there is alot of it there ,

just out of interest what do you think the share price would actually rise to if they did finally find a gusher , would £2 sound about right to you guys or is that a bit to optimistic , not sure about you but the share price would have to rise to about £6 before i even broke even -----

[septimus quaid] 22/8/2019 17:54

same here, unless there's a miracle, I would need another lifetime to recover my losses on this (and the previous incumbents) bunch of dog-dancers

[optomistic] 22/8/2019 15:32

This must be one of the worst run companies on the market, never any progress in any field anywhere. Just about cost me all of my investment, like many others I am sure!
BOD slowly using up our money year by year, and what can we do about it :-/

[kaos3] 17/8/2019 08:55

Perestrojka, dobri den, zdravstvuj!
Dengi dengi


I am following sey for years. a Q: where is Cos cash?

lent? to whom?

related parties,
bank account
notes
bonds
....

TIA

[zengas] 15/8/2019 20:28

Brief history with Waterford and UK listed Emerald Energy (EEN).

EENs share price had bombed down to as low as 0.1p (tenth of a penny) in 2003. Their operations were in Colombia.

In mid 2003 Waterford got involved in a refinancing and held a susbtantial chunk of the company. The refinancing was done at 0.25p (quarter of 1 pence). As there were a few billion shares in issue this would later be consolidated at 100 for 1 meaning the refinancing was 25p.

2 year later in November 2005 they picked up assets in Syria and a small placing at 158p (post consolidation) - a more than 6 fold increase in share price.

3 years and 9 months later in August 2009, EEN was sold to Sinochem for 750p/share (£532m m/cap) with the share price being north of £5 on/off in the preceeding 2 years.

Waterford made 30 times their capital investment from 6 years earlier.

[kenya1] 01/8/2019 14:22

Perestroika, you are not Michael Kroupeev by any chance?
LOL

Seems a good investment

[perestroika1962] 01/8/2019 10:08

A lot of misinformation on here:

Xiggly: Somaliland is a carried sideshow with no commitment to Sterling. The main thesis here is Market cap is 40% below cash with little or no ($1.2 mm per anum net overhead over interest income)

Tarlok: The Chairman Mr Kroupeev is totally aligned with Sharholders as he owns 29% and stands to gain much much more than his £200k per anum fee arrangement by getting a deal good enough to even reflect Cash value of 17 pence in the share price!

Mr Kroupeev's (colloquially known as Michael Kroupeev but real name Mikail Kroupeev) past deals are below

hxxp://www.waterfordgroup.co.uk/info2.cfm?info_id=226018

This page says Waterford (kroupeev) are working on something in the Middle East

hxxp://www.waterfordgroup.co.uk/info2.cfm?info_id=226019

The interims here below interestingly mention Egypt solving their receivables issue
"North Africa is buoyant given recent large discoveries in Egypt and the reversal of its long running receivables problem. There remains a clear appetite in this market for buying and selling existing production"

hxxps://www.sterlingenergyuk.com/financial-reports/2019/7/24/results-for-the-6-months-ending-30-june-2019

A poster on twitter mentioned he heard Sterling were looking at Egypt
Check out #SEY

GMP Securities were appointed last October to assist in finding a good deal. (it wasnt until early 2018 did they know (and pay off) the Chinguetti decomm liability for $32.5 million so it would have been reckless for Sterling to act sooner than that.

hxxps://www.sterlingenergyuk.com/news-announcements/2018/10/10/appointment-of-gmp-firstenergy-as-joint-broker

CEO only appointed June 2018 - a production of stranded fields specialist
CEO has Egyptian Experience!
hxxps://www.sterlingenergyuk.com/about-board

With Share Price 10 p and cash 17 p, it will rocket on a production acquisition for example, in Egypt where United Oil and Gas recently announced last week a production deal, involving BP prepayment finance (non dilutive)
hxxps://polaris.brighterir.com/public/united_oil_and_gas/news/rns/story/rydl27r

Sterling have the cash ($45.5 million at June 2019) to rapidly become a £100 million MCAP

[ohisay] 26/7/2019 07:47

More cut and paste - the deadest of dead money if you're an investor here.

[tarlok] 22/7/2019 17:36

Why o why didn't they buy JOG in May ,see my post 29/5/19 could have got a bargain, really don't think they are looking to buy at all, think it's money is to be used for funding directors life ,but hey why not there running the company not me ! Lol

[tarlok] 20/7/2019 07:50

Ps, not sure returning cash to share holders is viable,why would the board want that .....I'm thinking Turkey's voting for Christmas etc

[tarlok] 20/7/2019 07:47

Was going to ask same question ,has anyone else noticed share activity increase over last couple of weeks? But nice to know someone else has. Not sure what it means ,but you never know with sterling !Lol

[zengas] 19/7/2019 10:36

I'd second that cash re a return of funds if no deal materialises. Saying that, they have indicated at picking up production assets so i'd prefer that. Seems to be a lot more share trading activity this past week.

[cashandcard] 19/7/2019 10:20

Hi Zengas,

I've been following this again for sometime since you mentioned it a few months ago. Are they ever going to immerse themselves in the oil&gas business again or just continue to pickup salaries for doing nowt? I have little confidence in these folk doing anything but keeping their snouts at the trough. They have managed to miss a golden opportunity to buy up assets during the oilprice downturn and even during the first couple of years of recovery from the downturn (2017-2018).

Given where the shareprice is today, I would encourage remaining shareholders to petition for winding up the company and returning the 15-16p of cash to shareholders. That is the best result in my opinion - return what is left before it too gets squandered.


Cash

[zengas] 30/6/2019 18:39

$46.3m cash end of Dec 2018

"Ongoing focus on capital discipline, cash general and administrative overheads ('G&A') expenses reduced by 25% to $3.0 million and is forecast to be ca. 15% lower in 2019."

"Sterling retains a strong position on the AIM listed oil and gas sector with a strong cash platform of $46.3 million and no debt or other liabilities."

"Proactive focus on treasury management, with interest received totaling $1.0 million."

With some interest and a reduced G&A total cost might be $2m-$2.5m for 2019.

Using a forward yr end 2019 cash amount of $43m = £33m or 15p/share.

In the absence of returning any cash, the company has a great cash pile that could acquire good assets. Their emphasis is on a production deal (so possibly cash generative from the off if done ?). Looking at some of the listed O&G sector companies and what they have, SEY could rerate to a £70m-£100m m/cap if the right deal is landed. Current 10p share price = £22m m/cap.

[tarlok] 30/6/2019 17:35

Just what are they doing with there cash? Have given them a couple of ideas lol but still share price drops now under 10p. ! Is this the worst use of funds ,,,,ever ! The market must feel it's being so badly run and no future prospects to have sellers at this price ,, any one left out there to sell lol

[dil2211] 21/6/2019 14:06

You can imagine that working for SEY in main office. Coming work and looking each others face do nothing and been paid.They should be shame using shareholders money on their ownership.Have been waiting for 10 years to see some gains but losing nearly all.