Sterling Energy Share Discussion Threads

[cashandcard] 12/11/2020 14:33

Shareholders here are responsible for allowing this to continue. No one else to blame but them. No incentive for management to do anything except screen assets endlessly while on the gravy train.


Cash

[excellance] 12/11/2020 14:16

Isn't it a free carry?

Why then "let it go"?

[septimus quaid] 14/10/2020 04:27

I wonder if SEY should just let Somaliland go (the country's right to exist, let alone exploit any oil discoveries, seems tenuous at best)?

The world has moved on since SEY first got involved with Somaliland (at the time, oil prices were sky high and affordable opportunities scarce).

[excellance] 13/10/2020 14:13

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;

[excellance] 11/10/2020 09:16

Because now is a great time to pick up some very good cash producing assets that may be struggling with finance.

M&A is the name of the game in oil and gas right now.

Look at PMO premier oil, share price down 90% due to hugely over leveraged position, and then there's spirit oil owned by centrica, and dozens of others.

Oil is over sold and will only rise from here next summer.

[cashandcard] 11/10/2020 07:45

Excellence, Apart from drawing fat salaries and fees, they have done next to nothing for years besides screening assets. What makes you think anything is about to change? I mean, why would they trouble themselves with the responsibility of running an oil company with costs, production and oil price to worry about ?The is the best gravy-train strategy I've seen from any AIM lifestyle management. Just keep screening assets endlessly and pick-up a salary for doing so.Shareholders will have little to no way or measuring the performance of these so called endeavours.Cash

[excellance] 11/10/2020 02:56

There are some fantastic oil and gas opportunities out there for companies with cash. Mind you I'm not sure we can bank on the "experience" here at SEY.

I am however hopefull of some positive developments shortly, after all we have an aim listing, $44m in the bank, and, a potentially excellent asset in Somalia with a top partner and low cost to us. All we need is to acquire a private business with producing assets that needs cash and a listing.

Exciting year ahead.

[optomistic] 28/8/2020 12:41

After that hard won 3p climb, nice fall...now that's the SEY we know! LOL

[septimus quaid] 29/7/2020 11:59

just to remind myself, year ending 31/12/19, SEY had circa £34.5M cash in the bank

...with 220M shares in issues, equates to 15.7pps

[septimus quaid] 28/7/2020 12:01

been ticking up over a number of weeks, maybe free cash has some appeal!

[excellance] 24/5/2020 22:10

three year down trend is now broken, breakout confirmed, but no idea why!

[excellance] 24/5/2020 22:09

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[excellance] 23/5/2020 12:28

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[excellance] 23/5/2020 12:27

i have to confess to selling out in 2010 immediately after taking advantage of the 40/1 share consolidation and open offer taking a nice little opportunist profit.
i did hold a few for the failed sangaw drilling in kurdistan but limited my exposure to reflect the high risk. Delighted SEY got rid of the USA business and that the dwindling chinguetti field came to an end without massive cash penalties.

cash position at that point was $120m, and despite several projects since SEY now only has $45m in the bank and 34% free carry on an exploration license in Somaliland which wont drill for another two years.

So what can we expect in the next 12 months and why are credit suisse holding and YF increasing their holding?

The market is awash with distressed oil companies, so opportunities abound right now, but with economic activity increasing post covid and central banks providing infinite liquidity surely now is a great time for SEY to poach some producing assets to provide long term financial security?



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[excellance] 22/5/2020 18:35

well, we don't know what goes on behind closed doors, but excluding a blue sky deal investors should be aware that they may potentially face a lengthy wait.

However, with credit suisse holding firm and YF taking a stake maybe something is about to happen?

[excellance] 22/5/2020 17:37

so, no drilling of Somaliland for another 2 years, but we could get some interpretation data.

meanwhile the bod continue to look at other projects.

interesting bunch of shareholders!

[excellance] 22/5/2020 17:12

YF also own a large chunk of TAG oil for "investment purposes"

[excellance] 22/5/2020 17:12

these are the people who recently bought upto 4% of SEY

MERIDIAN CAPITAL INTERNATIONAL FUND (WHOLLY OWNS YF FINANCE LIMITED)

MERIDIAN CAPITAL LIMITED (WHOLLY OWNS MERIDIAN CAPITAL INTERNATIONAL FUND)

ASKAR ALSHINBAYEV, NURZHAN SUBKHANBERDIN AND YF TRUSTEE (BERMUDA) LIMITED (CONTROLS MERIDIAN CAPITAL LIMITED)



YEVGENIY FELD (BENEFICIARY OF YF TRUSTEE (BERMUDA) LIMITED)

[excellance] 22/5/2020 15:40

SEY board convening dodging shareholders at the AGM too.

This is in limbo, the BOD are obviously working this on a part time basis, but surely the major holders will want to see some progress or have the cash returned to shareholders?

Something has to give!!

[excellance] 22/5/2020 11:46

Very true, and the covid 19 disaster has presented many opportunities for those wishing to take them.

The question is, why are there four fairly experienced directors on the Board of a company that currently has very little to do but holds a load of cash?

Who is buying this and forcing the share price up when there isn't a story to sell yet

Ok I bought a small chunk for the cash shell, not for the Somaliland free carry which is probably worthless anyway...but time will tell.

[septimus quaid] 22/5/2020 10:13

SEY definitely dodged a bullet by not investing into any oil related assets in 2019, that would have been a total disaster.

[excellance] 22/5/2020 08:51

Aren't Centrica trying to sell Spirit Energy?

$45m would be a reasonable deposit!

[kaos3] 22/5/2020 03:53

like an old virgin - no one is ok