CALGARY, March 18 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) is pleased
to announce that, on behalf of the P1064 partnership, it has contracted a rig
to drill the Cladhan Prospect on block 210/29 in the UK Northern North Sea.
ADTI has secured the services of the semi-submersible rig SEDCO 704 for a
multi-client program and Sterling has the first well slot which is scheduled
to start in mid-September 2008, depending only on the release date from the
rig's current operations. ADTI, a division of Transocean, specializes in well
management and turnkey operations and the Cladhan well will be drilled on a
As previously announced, Revus farmed-in to the 210/29 and 30 part-blocks
and will fund 50-percent of the well costs up to a cap of UK pnds stlg
10-million and pay its working interest share of 33.5-percent thereafter.
Sterling currently retains a 39.9-percent interest in the blocks but may farm
down additional interest before spudding the well. The Cladhan prospect
targets Upper Jurassic channel sands with the potential for significant oil in
place and is in an area with significant nearby infrastructure.
Sterling is also pleased to announce the addition of Mr Patrick Whitley
to its management team in the UK. Pat, who joins us as Vice President
Exploration (International) had a long and successful career with Conoco,
before spending the past four years in the early growth stages of
Faroe Petroleum. In his new role, Pat will oversee the G&G component of all
Sterling's Exploration and Development activity in Romania and surrounding
region. We are also pleased to welcome Martin O'Donnell to our UK staff. A
petroleum engineer, Martin joins us from Canadian Natural Resources and will
report to John Rapach with respect to the Company's ongoing well operations
and appraisal and development planning.
This disclosure contains certain forward-looking statements that involve
substantial known and unknown risks and uncertainties, 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, therefore Sterling's actual results,
performance or achievement could differ materially from those expressed in, or
implied by, these forward-looking statements. All statements included in this
press release that address activities, events or developments that Sterling
expects, believes or anticipates will or may occur in the future are
forward-looking statements. These statements include future production rates,
completion and production timetables and costs to complete wells, and
production facilities. These statements are based on 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.
Sterling Resources Ltd. is an international oil and gas company
headquartered in Calgary, Alberta.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: visit www.sterling-resources.com or contact
either: Stewart G. Gibson, Chief Executive Officer, Phone: 44-133082-6717,
Mobile: 44-7768-042219, firstname.lastname@example.org; or Ian Hornby-Smith,
Chief Financial Officer, Phone: (403) 215-9264, Fax: (403) 215-9279,