Member Info for oilriches

http://www.sterlingenergyuk.com/

http://www.sweetcrudereports.com/2015/06/05/sterling-energy-acquires-13-5-stake-in-block-c-10-offshore-mauritania/

Block C-10 lies in the centre of the Nouakchott sub-basin, offshore Mauritania, part of the larger Mauritania, Senegal, Guinea Bissau, Conakry basin and covers an area of approximately 10,725 km² with water depths ranging from 50m to 2,400m.  The production sharing contract (PSC) for Block C-10 is held by Sterling Energy Mauritania Limited (13.5% working interest), Tullow (76.5% working interest and operator) and SMHPM (10% working interest)*. SMHPM is carried by Sterling and Tullow, pro-rata to their working interest, during the exploration phases. The PSC is in the second phase of the exploration period, which runs to November 2017, with a minimum work commitment of one well During 2014, the C-10 Joint venture reprocessed the extensive legacy 3D datasets covering the majority of the Block with the aim of mature and rank the prospect inventory ahead of the exploration well commitment. The joint venture are currently planning to drill the Lamina prospect in H1 2016, which will fully meet the outstanding work commitments. Following completion of Phase 2, the joint venture may elect to enter into Phase 3 (with a 3 year term) with a minimum work obligation of 2 wells.

Great news a drill in 2016

.com here

In bank is £69 million. What a bargain here

http://www.directorstalkinterviews.com/sterling-energy-plc-77-1-potential-upside-indicated-by-westhouse-securities/412662712

Worst performing investment company i have ever seen

Hi. Its one of them shares that are unloved at the moment. They have £70 million in cash and are debt free. The one to watch here is somaliland, the 40% interest is free carried by genl. 2d for this is scheduled for 2016 with a drill later this year. I suspect this will be a £200million company when that drill happens. Sey are currently undertaking 3d in madagascar free carried. This is def a medium term hold

http://www.ogj.com/articles/2015/04/kosmos-makes-gas-find-offshore-mauritania.html

Is the place to be right now with the majors

With the drill expected early 2017 sey have a 40% interest in a fully carried drill and 2d. The first drill is going to target circa 400mmbbl net to rmp and at £5 a barrel in a success case sey could have a market cap or valuation of £2billion in a success case circa £10 a share. Even the attributed carry value for a drill, 2d and the oil protection unit is circa £25 million circa 10p a share.

In Somaliland, Sterling’s interest in the large onshore block is carried by Genel Energy Somaliland Limited (“Genel”) for the costs of all exploration activities during the Third and Fourth Periods of the Odewayne Production Sharing Contract (“PSC”). The Third Period expires in November 2016, with an outstanding minimum work obligation of 500 km of 2D seismic, while the Fourth Period expires in May 2018, with a minimum work obligation of 1,000 km of 2D seismic and one exploration well. Operations in Somaliland have been delayed while the Government of the Republic of Somaliland establishes a trained and equipped Oilfield Protection Unit (“OPU”) that can provide the level of security required by the in-country operators so that future seismic and drilling operations can be conducted safely. The Third Period of the PSC was recently extended by two years in order to allow time for the OPU to be established. The OPU is expected to be operational in 2015.

Is the place to be at the moment.

Is next door to sterling c-3. http://investors.kosmosenergy.com/mobile.view?c=238878&v=203&d=1&id=2040106

C3 block in Mauritania is right next door to this discovery. Not sure why the market has not took note of that.

http://investors.kosmosenergy.com/mobile.view?c=238878&v=203&d=1&id=2040106

Paid

Ask paid

Sey have netted a further $28million in cash from the requilshment " The Company retains the benefit of the ExxonMobil carry and does not expect to have any liabilities associated with such relinquishment"