CALGARY, Dec. 2, 2013 /CNW/ - Sterling Resources Ltd. (TSXV: SLG) ("Sterling" or the "Company") is pleased to announce that it has been successful in the UK 27th Offshore Licencing Round awards (second tranche), which were recently announced by the UK Department of Energy and Climate Change (DECC).
Sterling has been informed by DECC of the successful award of a licence covering Blocks 42/2(split), 42/3(split), 42/4, 42/5 & 36/30, which are located approximately 25 kilometres north of the Breagh gas field. Sterling Resources will be the operator of the licence with a 100 percent working interest. Work commitments for this traditional licence award include obtaining and reprocessing 2D seismic data and drilling a firm well within the traditional 4-year licence period.
"We have continued investigating further Carboniferous prospects in the area near to our Breagh gas field based on Sterling's database of 2D seismic data over all of these newly licenced blocks and in particular a re-interpreted 3D seismic survey over two of the blocks awarded in this round that was acquired by Sterling in 2010," stated David Findlater, Sterling's Vice-President of Exploration. "In addition to several Carboniferous prospects, we have identified an exciting Permian reef play that covers several of the blocks, which we believe has a significant potential resources possibility. We look forward to kicking-off our farm-out at PROSPEX 2013 sponsored by the Petroleum Exploration Society of Great Britain (PESGB) and the UK licencing authority DECC in early December in London," added Mr. Findlater.
"Sterling is extremely pleased with this award, which provides an opportunity to explore both more traditional and new plays close to our existing Breagh infrastructure," stated Jake Ulrich, Sterling's Interim CEO. "This fits very well into our strategy to build-up our North Sea portfolio around our existing acreage and infrastructure," added Mr. Ulrich.
Sterling 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 common shares are listed and posted for trading on the Toronto Stock Exchange Venture (TSX-V) exchange under the symbol "SLG".
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Filer Profile No. 00002072
All statements included in this news 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 expected production, 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 news 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 news 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 news release should not be used for purposes other than for which it is disclosed herein.
Image with caption: "UK 27th Offshore Blocks Awarded to Sterling Resources North of the Existing Breagh Gas Field (CNW Group/Sterling Resources Ltd.)". Image available at: http://photos.newswire.ca/images/download/20131202_C6650_PHOTO_EN_34164.jpg
SOURCE: Sterling Resources Ltd.
For further information:
For further information: visit www.sterling-resources.com or contact:
Jacob Ulrich, Chairman and Interim Chief Executive Officer, Phone: 44-20-3008-8485, Mobile: 44-7876-346399, [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]