CALGARY, May 3 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or the "Company") announces the following update to its 2010 drilling plans in the United Kingdom North Sea.
Consistent with previous expectations, RWE Dea the operator of the Quad 42 Breagh field, have informed Sterling that the rig to drill both the Airidh and Macanta prospects will arrive on or about May 18th. Drilling will commence initially at the Airidh location, with the well anticipated to take approximately 30 days to complete. Sterling maintains a 30% working interest in the greater Breagh area.
The Cladhan prospect on Block 210/29a which had been anticipated to spud in mid May, subject to the availability of the J.W. McLean rig, will now commence drilling in late June or early July. The rig has been involved in a longer than expected program with the previous operators and has one more well to drill before moving to Cladhan. Sterling maintains a 39.9% working interest in the Cladhan prospect.
Drilling of the Grian prospect in Block 48 of the UK North Sea is still expected to occur during the third quarter of 2010. Site survey work at the Grian prospect is now underway with Sterling currently holding a 57% working interest.
Commenting on these changing plans, Stewart Gibson, Sterling's Chief Executive Officer noted that "These changes are reflective of typical operational timings with rigs on multi-well drilling programs in the North Sea. The Company continues to move forward with all of its previously announced 2010 drilling plans, albeit on a slightly revised timetable."
Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania and France. The shares are listed and posted for trading on the TSX Venture Exchange under the symbol "SLG".
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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.
SOURCE Sterling Resources Ltd.
For further information: For further information: visit www.sterling-resources.com or contact: Stewart G. Gibson, Chief Executive Officer, Phone: 44-133082-6717, Mobile: 44-7768-042219, email@example.com; George Kesteven, Manager, Corporate & Investor Relations, Phone: (403) 215-9265, Cell: (403) 519-3912, Fax: (403) 215-9279, firstname.lastname@example.org