Sterling Resources Ltd. (TSX-V: SLG)
CALGARY, Sept. 24 /CNW/ - Sterling Resources Ltd. commenced operations at
the Breagh appraisal well location on Sunday, September 23rd with the ENSCO 85
rig jacking up on location. Rig up and load out operations are ongoing and the
well is expected to spud on Tuesday, September 25th. The Breagh well is
located on Block 42/13 and targets a large Carboniferous gas prospect.
Sterling holds a 50-percent working interest in this block and is the
operator. This well is Sterling's first operated well in the North Sea. As a
result of farmout arrangements, Sterling will be substantially carried for the
dry-hole costs of the well. Initial results from this well are expected around
the end of October and if successful, testing would take place thereafter.
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,