Sale of peripheral assets

RNS Number : 5668V

Sterling Energy PLC

30 May 2008

 



30 May 2008

STERLING ENERGY PLC

('Sterling' or the 'Company')

 Sale of peripheral USA assets for $5 million  

Sterling (symbol: SEY), an AIM listed independent oil & gas exploration and production company with interests in the Gulf of Mexico, Africa and the Middle East, announces the completion of its sale of a non-operated interest in a waterflood project in New Mexico for $5 million. 

This sale helps to focus Sterling's USA portfolio on to the Gulf Coast area ahead of the previously announced plan to dispose of all of its USA assets. This asset accounted for approximately 1% of current USA production. It had a bank loan value of almost $0.5 million, which will be repaid from the proceeds.

Sterling Energy Plc ([phone])

Graeme Thomson

Harry Wilson

Evolution Securities ([phone])

Rob Collins 

Citigate Dewe Rogerson ([phone])

Media enquiries: George Cazenove

Analyst enquiries: Kate Delahunty

In accordance with the guidelines of the AIM Market of the London Stock Exchange, Harry Wilson, BSc (Hons) Physics (1973), Executive Deputy Chairman of Sterling Energy Plc, who has been involved in the oil industry for over 33 years, is the qualified person that has reviewed the technical information contained in this press release.

www.sterlingenergyplc.com

 

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