Sterling Energy Share Discussion Threads

[excellance] 22/5/2020 02:33

Allegedly they've had 50 opportunities on their desk in the past year, but I'm not sure now is a good time for risky drilling if there's no cash for development for years.

I'm hoping they don't enter stupid deals that squander their cash advantage, and instead go for royalties deals that provide distressed oil companies with liquidity during this short downturn.

[excellance] 21/5/2020 17:02

new thread created reflecting the new status as a cash shell/energy sector investment company.

[excellance] 21/5/2020 16:56

New thread for a new era for Sterling energy.

£22m mkt cap, $45m in the bank, and a free carry on a Somaliland project operated by big boy Genel 2020 could be the start of a new journey with this relatively new but fairly widely experienced team that must be itching to prove themselves.

Obviously the oil industry is in chaos right now, with oil prices having collapsed to multi year lows and many projects being shelved and many others running at a loss, surely now would be a great time for a company with cash to drive good bargains and get their knees under the table with bigger fish in the sector?

The oil price is beginning to recover, $35 today, but still $20+ away from safety so the team have to be wise, sensible and responsible so they don't squander their financial advantage. High risk certainly, but opportunities will come.

[excellance] 21/5/2020 16:16

1-5-21
Board closed due to name change
Go to AET board for Afentra PLC.




7-12-20
Tony Hawkins returns as CEO to succeed Mr David Marshall who has, by mutual consent, stepped down.

Formerly he worked at Columbus Energy, Lukoil and here at SEY.
Prior to Sterling, Tony spent six years at Centrica plc (a FTSE 100 listed utility), where he had several roles, including interim General Counsel for Centrica Energy.

Sterling is debt free, with a strong balance sheet (about $45m in May 2020) and is fully funded for its work commitments at Odewayne, Somaliland (34%), through 2020 where the Group has a free carry on exploration operated by Genel (50%), and is also well positioned to take full advantage of the current oil market, with a strategic emphasis on securing near term cash flow generative opportunities.

The days of Chinguetti and Sangaw are long gone, SEY is essentially a cash shell looking for opportunities, and the relatively new board of directors have a geographical bias towards the east. The board are CEO David Marshall, non exec chairman Michael Kroupeev, senior independent non exec Leo Koot and non exec Ilya Belyaev. While the individuals in this team have a sparkling record they are yet to deliver anything as a team, but with cash to spend and the oil market is chaos they could start to prove themselves imminently.

31-12-19
During 2019 our team intensified screening and pre-selection of E&P opportunities that meet corporate standards and the class of assets targeted by the Group. Some of the key criteria were reviewed and updated by the Board to improve focus and concentrate on added value and secure cases in what has been and continues to be a volatile market.

The Somaliland acreage remains an attractive opportunity in the long term, subject to good progress by the Operator Genel Energy which carries our costs inclusive of the drilling of the first well and has a strong cash balance to weather the downturn and fund its operations. Results of the reprocessed 2D seismic data are now ready for interpretation and we are hopeful this will show potential for material accumulations of hydrocarbons. During the year, the operator successfully applied for the extension of the Third Exploration Period, which was subsequently granted by the state authority. Once interpretation work is complete the Operator may elect to proceed to the Fourth Exploration Period which will focus on additional seismic and the drilling of an exploration well.

13-9-19
The Government of the Republic of Somaliland has granted a continued extension to the current period of the Odewayne Production Sharing Agreement ("PSA").

The expiry dates of the relevant exploration periods under the PSA shall now be:

Third Period: 2 November 2020;
Fourth Period (optional): 2 May 2022;
Fifth Period (optional): 2 May 2023; and
Sixth Period (optional): 2 May 2024.



!YOUTUBEVIDEO:e9G8LIwk0sk:

[excellance] 21/5/2020 15:35

If they can't find a financially distressed energy company in this market they should just dissolve and redistribute their cash.

Maybe Sterling should become an investment company rather than getting their own hands dirty?

[excellance] 21/5/2020 15:28

If they can't find a financially distressed energy company in this market they should just dissolve and redistribute their cash.

[roks] 16/4/2020 08:41

wow this is going up?

[cashandcard] 16/4/2020 01:10

If there actually is a cashpile of 45million while marketcap is 16million, why are shareholders not organising and pushing, via general meetings, to wind this up and return cash to shareholders. It is literally a waste of funds to keep this alive.Quite astonished an activist or concert party has not appeared on the scene to take control and lay claim to that cash.Cash

[optomistic] 15/4/2020 17:52

'interesting' final results bit somehow I just can't get enthusiastic about Sterling... maybe it's because they have cost me a bloody fortune so far!

[tarlok] 02/4/2020 10:21

there seems to be interest ,buys appearing ,but unless they buy a oil/gas company now with oil at $20 and a host of well organised company's producing oil at under £50m we know there plans....and its not to produce oi;...

[kaos3] 31/3/2020 17:17

lol - in relative performance lists sey must be a star in the last 6 months

[septimus quaid] 28/3/2020 02:52

Another big risk to me, over and above the BOD have already overseen an incredible destruction in shareholder value, is that they eventually de-list from AIM.

At that point, the shares become difficult to sell and difficult to crystallise losses (for offsetting against gains made elsewhere)

[excellance] 27/3/2020 18:38

£45m in the bank, £16m mkt cap.

total chaos out there, surely they could pick up a bargain in these markets?

does the board want to stay in the oil industry?

[optomistic] 27/3/2020 17:48

Bit like the Wright Brothers first flight...

[optomistic] 27/3/2020 13:02

SQ LOL...but oooh look the shares are flying now ;-)

[septimus quaid] 27/3/2020 11:16

haha "starling", good one, as in the directors have flown away with our money

[optomistic] 27/3/2020 09:00

shujja..."starling"?

[shujja1] 27/3/2020 07:12

Starling will buy something I hope . A good producing assets

[ohisay] 24/3/2020 12:14

They can stay crazier than you for a long long time.
These guys are the real deal at doing the square root of FA.