CALGARY, May 16 /CNW/ - Sterling Resources Ltd. (TSX-V:SLG) ("Sterling" or the "Company") is pleased to announce that it has signed a farm-in agreement with Wintershall (E&P) Limited to acquire a 25 percent working interest in UK Central North Sea Blocks 21/21, 21/22 and 21/27b.
The agreement, which is subject to normal regulatory approval, is based on Sterling's participation in the ongoing exploration program for these blocks. The initial focus will be the drilling of the Blakeney prospect on Block 21/27b, scheduled for July of this year. The Blakeney prospect is an Upper Tay sandstone four-way dip closed structure adjacent to the Pilot Field and updip of the Fyne/Dandy trend. Block 21/27a is located on the western margin of the West Forties Graben system approximately 10 kilometres southwest of the Sheryl discovery and Sterling's evaluation of the Block is based on the interpretation of three dimensional seismic data which fully covers the area.
Commenting on the farm-in, Stewart Gibson, Sterling's CEO said "We have worked these Blocks technically in the past and look forward to the drilling of the Blakeney prospect in the near future. Success at Blakeney, located to the south and west of Sheryl, could add a further dimension to the development options for the area in general."
Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania and France. The shares are listed and posted for trading on the TSX Venture Exchange under the symbol "SLG".
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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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. In addition, statements relating to 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 press 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 press 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 press release should not be used for purpose other than for which it is disclosed herein.
SOURCE Sterling Resources Ltd.
For further information: For further information: visit www.sterling-resources.com or contact: George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Fax: (403) 215-9279, firstname.lastname@example.org; Stewart G. Gibson, Chief Executive Officer, Phone: 44-133082-6717, Mobile: 44-7768-042219, email@example.com