Primary Recommendation

Sterling Energy - Free carry in Mauritania oil campaign

November 2004

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.

The explanation for the sharp rise in the shares of oil exploration & production group, Sterling Energy, is that it holds lucrative royalty interests in Mauritania, an area which has caught investors' imagination following several huge discoveries. Sterling's partners in Mauritania have recently embarked on one of the most aggressive exploration and development programs ever seen in deep waters, which will consist of up to 21 wells being drilled over the next 18 months. But the thing that has really excited investors is Sterling's estimate that the area holds a potential 3.3 billion barrels of oil equivalent (boe), suggesting that even if only some of this potential is realised,its market value of Â£148m will be significantly h ...

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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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