As you all know Sterling Energy are not flavour of the month with me due to their complete disregard for share-holders which given their track record is appalling.
The Board of Sterling have consistently flattered to deceive investors with false hopes. Remembering how they deliberately held off the sale of their USA assets in-order to scare investors into subscribing for a placing then consolidating the share capital should speak volumes to stock-holders here. Even with the eventual sale of the USA assets, which makes them debt free, they still can’t get it right on the Sangaw drill, which has been plagued with numerous difficulties since day one. Poor management will always lead to poor results and an ever decreasing SP. How much of the USA sale revenues will be left after this incompetent Board cream in their fees and expenses is anybodies guess?
Dear old Dennis O’Brien has a hefty chunk of change tied up in Sterling the news from his camp is that patience is wearing thin with Sterling/Stabbins et al.
The sp has steadily decreased from its consolidation price by approx’ 50% a massive drop by any standard which reflects poorly on the Boards’ shabby performance in Kurdistan.
This company are a one trick pony if they hit a duster or miss the oil it’s game up for every one invested here, sub 30p will be on the cards.
Lets hope for all invested that Sterling stumble their way through the muddled drill that is now suspended and strike oil.
My opinion is if they hit the black stuff wait for the rise and get the hell out because i’ll tell you this even if they strike oil, after the euphoria ebbs away it is a racing certainty that they’ll “carry on the Kurdistan cock-up” with school boy errors, thus the sp will decline once again. The jinx is on this company.