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Sterling Energy

August 2005

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.

Although final results from Sterling Energy donï¿½t fully reflect the positive transformation that its chief executive, Harry Wilson, has engineered, they are still good nonetheless. For the year ended 31 December, revenue more than doubled to ï¿½11.5m, with pretax profit up 130% to ï¿½4.2m, while net proven and probable reserves increased to over 21.6m barrels equivalent (boe). Sterlingï¿½s strategy is to use the growing cashflows from its low risk shallow gas fields in the Gulf of Mexico to fund its high impact exploration assets in West Africa and both sides have made good progress. In Mexico, Sterlingï¿½s development and work-over program doubled average production to 10.5 million cubic feet per day (mmcfd) and this is expect ...

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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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Sterling Energy

August 2005

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