CALGARY, Nov. 5 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG)
Sterling Resources is pleased to announce that the Breagh well (42/13-3)
reached total depth of 8,047-feet measured depth (md) on Friday, November 2.
Sterling has a 45-percent interest in this well located on Block 42/13 in the
UK Southern North Sea. The Breagh Appraisal well is Sterling's first operated
well in the North Sea.
The Carboniferous section was encountered at 7,321-feet md within 5-feet
of prognosis. The upper reservoir section drilled with good indications of
sand and significant gas shows, subsequently confirmed by open-hole logs.
Preliminary log analysis indicates a gross gas column of 400-feet and a
possible gas-water contact in line with the original 42/13-2 discovery well.
The Carboniferous section drilled contains an estimated 76-feet of sand
within the gas column. Porosities are estimated to range from 10-percent to
20-percent within the sand sections in line with expectations.
Following completion of the logging program to collect reservoirs
pressures and seismic velocity data, the forward plan is to set a 7-inch liner
before testing the well. Test results are expected by mid November with
testing results forthcoming at that time. The results of the flow testing
program are essential to evaluate the economic viability of the Breagh
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: Ken J. Croft, Investor Relations, Phone: (403) 215-9265, Fax: (403)
215-9279, firstname.lastname@example.org; or Stewart G. Gibson, Chief Executive
Officer, Phone: 44-133082-6717, Mobile: 44-7768-042219,