CALGARY, June 14 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or the "Company") announces that the Airidh well 42/19a-1 drilled in the UK Southern North Sea was unsuccessful in finding a targeted natural gas presence. The well was commenced on May 23rd and reached a total depth (TD) of 4371 feet.
"Although over 300 feet of Bunter Sandstone, the primary target formation, was encountered with the top 50 feet showing a high resistivity response, no natural gas was present," stated David Findlater, Sterling's Vice-President of Exploration. "Whilst this is not a positive outcome, the Airidh prospect was always regarded as a high risk, potentially high return well because of hydrocarbon migration. It is important to remember that the Bunter sandstone in Airidh is a younger and totally different reservoir unit from the rest of the Quad 42 targets", added Mr. Findlater.
With the completion of the Airidh well, the rig is currently preparing to move to the Macanta prospect in Block 42/14, the next exploration well to be drilled by the operator RWE Dea in the Greater Breagh Quad 42 area. The Macanta prospect is located midway between the Breagh field, which is currently being developed and the Crossman field, a discovery located in the Blocks immediately east of the prospect.
Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, Netherlands 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.
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 & Investor Relations, Phone: (403) 215-9265, Fax: (403) 215-9279, firstname.lastname@example.org; Mike Azancot, President and Chief Executive Officer, Phone: (44) 77404-32883, Fax: (44) 13308-20670, email@example.com