CALGARY, Jan. 12, 2012 /CNW/ - Sterling Resources Ltd. (TSXV: SLG) ("Sterling" or the "Company") is pleased to announce that it has been successful in the final portion of the UK 26th Offshore Licensing Round awards, which were recently announced by the UK Department of Energy and Climate change (DECC). The initial portion of the UK 26th Licensing Round was previously awarded and announced in November of 2010.
Sterling has been successful in its application for two additional licenses in the UK Southern North Sea gas basin. These traditional license awards cover four part blocks and are located in areas adjacent to current gas production and include a previous undeveloped gas discovery. Sterling will operate both licenses and currently holds a 100 percent working interest.
The first license contains portions of Blocks 43/15a and 43/20a and the main exploration play is an Intra-Carboniferous structure which is partially covered by 3D seismic. The prospect lies just to the northeast of the Cavendish gas field and the Keplar gas discovery. Target formations are the Carboniferous Westphalian and Namurian formations which are present at Cavendish. The license area also includes the now abandoned Gordon Field, which produced from the Triassic Bunter formation. Any drilling to the Carboniferous prospect will collect data from the shallower Triassic horizon to provide information on its suitability for potential gas storage. Early activity will focus on the future acquisition of seismic to ensure complete coverage of the prospect.
The second license contains portions of Blocks 49/18b and 49/19b which holds an undeveloped gas discovery and an additional prospect and further leads with the target horizon being the Rotliegend Leman sandstone. The discovery lies to the north of the Indefatigable field and the other prospect and leads are to the north of the Brigantine complex. The Leman sandstone is of high quality and the old discovery well (drilled in 1995) tested in excess of 40 MMscfd. Both blocks are covered by a merged 3D dataset and the early work will focus on the reprocessing (PSDM) of the existing dataset.
Sterling has also been successful in its application for a license in the Central North Sea, covering Block 16/3d which contains part of the Cairngorm discovery. This application was originally made by Stratic Energy Corporation (now Enquest PLC) and Sterling on a 50 / 50 basis.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this releasee.
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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.
For further information:
visit www.sterling-resources.com or contact:
Mike Azancot, President and Chief Executive Officer, Phone 44-20-3008-8487, Mobile: 44-7740-432883, [email protected]
David Blewden, Chief Financial Officer, Phone: 44-20-3008-8489, Mobile: 44-7771-740804, [email protected]
George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Mobile: (403) 519-3912, [email protected]