We present an oscillatory network of conductance based spiking neurons of Hodgkin-Huxley type as a model of memory storage and retrieval of sequences of events (or objects). The model is inspired by psychological and neurobiological evidence on sequential memories. The building block of the model is an oscillatory module which contains excitatory and inhibitory neurons with all-to-all connections. The connection architecture comprises two layers. A lower layer represents consecutive events during their storage and recall. This layer is composed of oscillatory modules. Plastic excitatory connections between the modules are implemented using an STDP type learning rule for sequential storage. Excitatory neurons in the upper layer project star-like modifiable connections toward the excitatory lower layer neurons. These neurons in the upper layer are used to tag sequences of events represented in the lower layer. Computer simulations demonstrate good performance of the model including difficult cases when different sequences contain overlapping events. We show that the model with STDP type or anti-STDP type learning rules can be applied for the simulation of forward and backward replay of neural spikes respectively. Copyright © 2013 Elsevier Ireland Ltd. All rights reserved.