CALGARY, Oct. 5, 2012 /CNW/ - Sterling Resources Ltd. (TSXV: SLG) ("Sterling" or "the Company") is pleased to announce that drilling operations have commenced at the Ioana gas prospect in Block 15 Midia in the Romanian Black Sea utilizing the Grup Servicii Petroliere SA ("GSP") cantilever-type jack-up drilling rig "GSP Jupiter". The Ioana-1 well, which is located in a water depth of 91 metres, is targeting the Mid Pontian sandstone formation to a total well depth of 1,600 metres and is expected to take up to 30 days to complete.
Following the drilling of Ioana-1, the rig will be remobilized approximately 70 km to the north for the drilling of the Eugenia-1 well in oil prone Block 13 Pelican, in 55 metres water depth to an anticipated total depth of 2,300 metres. This well has three separate objectives. The shallower Oligocene target is a new play in the area. The other two targets are in the Eocene and Upper Cretaceous. OMV Petrom's nearby Lebada field complex is believed to be producing from reservoirs in both the Eocene and Upper Cretaceous intervals. The estimated drilling time for this well is also 30 days.
"We are excited to resume our drilling program in the Romanian Black Sea with the arrival of the GSP Jupiter rig at the Ioana-1 drill site. Success at Ioana could greatly enhance the potential for a gas hub in the Midia block that already includes the Ana and Doina fields," stated Mark Beacom, Sterling's Vice President and General Manager for Romania. "The second well, Eugenia-1, will be the first to be drilled in the highly prospective, oil prone Pelican block which has existing hydrocarbon discoveries to the west and east."
Midia Resources SRL, a wholly-owned subsidiary of Sterling, is the operator of the Midia and Pelican blocks. Approved joint venture partners are Petro Ventures Europe BV (20 percent) and Gas Plus International BV (15 percent).
Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, France and the Netherlands. The shares are listed and posted for trading on the TSX Venture Exchange under the symbol "SLG".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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 purposes other than for which it is disclosed herein.
SOURCE: Sterling Resources Ltd.
For further information:
visit www.sterling-resources.com or contact:
Mike Azancot, President and Chief Executive Officer, Phone: 44-20-3008-8488, Mobile: 44-7740-432883, [email protected]
David Blewden, Chief Financial Officer, Phone: 44-20-3008-8488, Mobile: 44-7771-740804, [email protected]
George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Mobile: (403) 519-3912, [email protected]