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bomfin - Wed, 31 Dec 03 :

NTV,
I reckon output is about 1,000 boepd. Nat gas in the states selling at good prices. Upside potential on most assets in Gulf but maximum value about 20 million pounds. imho.
The potential 100 million boe offshore Philipines is interesting and something the likes of Premier might be interested in along with the royalty Premier will pay to Sterling on Mauritania.
I think I've underestimated those taking cash. Could have to pay as much as 4 million pounds, although 99.2% of the first 47% to accept chose shares only.
The Tiof discovery has consolidated present share price imho and provides Sterling with potential upside. If it's appraised higher than 400 million barrels the potential royalty could have a value of 30 million pounds or higher.
Almost as much as they paid for Fusion. At present oil price and 400 million barrels is worth 30 million pounds over 10-15 years. imho dyor.
I still see Westmount as a cheap way into Sterling shares. SEY should have good downside protection if things don't go as well as they might.

regards bomfin


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