Updates

Sterling Energy - First oil flows from Chinguetti field

April 2006

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Shares in Sterling rushed back towards their high thanks to the news that crude oil production has started on schedule at its key Chinguetti field in Mauritania. The Chinguetti development, which is underpinned by estimated reserves of 140m barrels of oil, consists of six production wells and the partners expect it to reach peak production of 75,000 barrels oil per day during the second quarter. Sterling will receive revenues from two sources; an 8% direct interest and an indirect interest over 5.3% of the field’s production, based on a sliding scale royalty at a rate linked to the price of oil. At an oil price of US$58 – US$61, Sterling will receive US$7.25 per barrel. The shares have gained ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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