Sterling Resources Announces Deferral of Drilling on the Muridava Block in the Romanian Black Sea and Director Resignation
CALGARY, Dec. 13, 2013 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG)("Sterling" or the "Company") announces today that the GSP Prometeu jack-up rig scheduled to drill an exploration well on the Muridava Block 27 has returned to its operations base in Constanta for completion of necessary maintenance work. The operator of the Muridava Block, Petroceltic International plc ("Petroceltic") has advised that this necessary maintenance work on the rig will defer drilling of the Muridava-1 well until the end of the first quarter of 2014.
The Muridava-1 well will be drilled on the same geologic trend as the existing Olimpiyskaya and Eugenia gas discoveries and has multiple reservoir targets in the Eocene, Palaeocene and Cretaceous formations. The well will be drilled to a total depth of around 2,500 metres and should take less than two months to complete.
The Muridava block partnership is comprised of Petroceltic Romania B.V. (40 percent equity and operator), Midia Resources S.R.L. which is a wholly owned subsidiary of Sterling Resources Ltd. (40 percent equity) and Petromar Resources S.A. (20 percent equity).
Further to the announcement of August 29, 2013 regarding former Chief Executive Officer (CEO) Mike Azancot, the Company announces that Mr. Azancot has now resigned as a Director of Sterling and its corporate affiliates. Jacob Ulrich, Chairman of the Board of Directors continues to serve in the capacity of Interim CEO until such time as a permanent CEO is appointed. "On behalf of Sterling, we again thank Mr. Azancot for his contributions over the past several years and wish him every success in his future endeavours," said Mr. Ulrich, Chairman of the Board and Interim CEO.
Sterling is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, France and the Netherlands. The common shares are listed and posted for trading on the Toronto Stock Exchange Venture (TSX-V) exchange under the symbol "SLG".
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
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All statements included in this news release that address activities, events or developments that Sterling expects, believes or anticipates will or may occur in the future are forward-looking statements. In addition, statements relating to expected production, reserves or resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves and resources described can be profitably produced in the future.
These forward-looking statements involve numerous assumptions made by Sterling based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other-forward looking statements will prove inaccurate, certain of which are beyond Sterling's control, including: the impact of general economic conditions in the areas in which Sterling operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations. Readers should also carefully consider the matters discussed under the heading "Risk Factors" in the Company's Annual Information Form.
Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Sterling's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. These statements speak only as of the date of the news release. Sterling does not intend and does not assume any obligation to update these forward-looking statements except as required by law.
Financial outlook information contained in this news release about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein.
SOURCE Sterling Resources Ltd.For further information:
visit www.sterling-resources.com or contact:
Jacob Ulrich, Chairman and Interim Chief Executive Officer, Phone: 44-20-3008-8485, Mobile: 44-7876-346399, firstname.lastname@example.org
David Blewden, Chief Financial Officer, Phone: 44-20-3008-8488, Mobile: 44-7771-740804, email@example.com
George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Mobile: (403) 519-3912, firstname.lastname@example.org