Well it’s a bad day at blackrock so to speak. Sterling Energy have yet again come up short at their Sangaw drill. Of course we take no credit here for being right once again. Time now for the market to re-assess the intrinsic value left in the stock. Read below.
“VALUATION AND RECOMMENDATION – As of 31 March 2011 Sterling had $105m of cash on the balance sheet, equivalent to 29p/share. Sterling has consistently said it is looking to deploy this cash within exploration ventures in Africa, Middle East and Eastern Europe. We leave our target price and recommendation under review until testing at Sangaw North is completed.” Evolution. sub 20p in my opinion.
I can’t understand why investors keep piling in here. It’s similar in its way to Desire. There’s nothing here but gas,water and Hot Air. Much better to take a look at Dans’ favoured flavour of the moment Matra Petroleum. They actually have oil and whats more plenty of it!
PS. Jinxed I say. Jinxed!