CALGARY, Sept. 8, 2016 /CNW/ - Sterling Resources Ltd. (TSX-V:SLG) ("Sterling" or the "Company"), an international oil and gas company with exploration and development assets in the United Kingdom and the Netherlands, announces the entrance into a gas sales agreement with British Gas Trading Limited ("BGT"), a subsidiary of Centrica plc. The agreement provides for Sterling's share of Breagh nominated gas volumes to be sold on a day ahead basis to the UK reference price at the National Balancing Point ("NBP"). The agreement is valid for a minimum two (2) year period with gas made available to BGT commencing October 1, 2016. The agreement replaces the gas trading and services agreement with Vitol SA which expires on October 1, 2016.
"We are pleased to enter into this agreement with British Gas Trading Limited who are a leading gas marketing company within the UK," commented John Rapach, CEO of Sterling Resources Ltd. He added, "The agreement provides for a secure gas sales arrangement for the Company's interest gas production from the Breagh Field over the next two years."
Sterling Resources Ltd. is a Canadian-listed international oil and gas company whose registered office is in Calgary, Alberta with assets in the United Kingdom 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 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 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 particular, this news release contains forward-looking statements with respect to the gas sales agreement with BGT.
These forward-looking statements involve assumptions made by Sterling based on its experience, 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 forward-looking statements will prove inaccurate, certain of which are beyond Sterling's control. 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.
SOURCE Sterling Resources Ltd.
For further information: visit www.sterling-resources.com or contact: John Rapach, Chief Executive Officer, Phone: +44 1224 806617, [email protected]; Tracy Lessard, Corporate Secretary: 403-237-9256, [email protected]