Sterling Energy PLC
22 June 2005
22 JUNE 2005
STERLING ENERGY PLC
('Sterling' or the 'Company')
MAURITANIA OFFSHORE DRILLING UPDATE
Sterling Energy, the AIM listed (symbol: SEY) independent oil & gas exploration
and production company, note that the following announcement was made earlier
today by Woodside Petroleum:
Woodside Mauritania Pty Ltd, a wholly-owned subsidiary of Woodside Petroleum
Ltd., reports that the first three exploration locations for its 2005
Mauritanian exploration drilling sequence have been selected.
Two of the wells, Sotto and Colin, will target relatively high risk but
potentially high reward prospects in PSC Area A. The third well, Espadon, is
targeting a medium risk, moderate reward prospect close to the Tiof Discovery in
PSC Area B. It is planned to begin drilling these wells in late July 2005 using
the Stena Tay drill rig.
A further three wells are likely before the end of the year, including one in
PSC Area C6. Subsequent announcements will be made concerning these wells.
The West Navigator drill ship continues working on Chinguetti development wells.
Woodside does not plan to issue announcements regarding operations on Chinguetti
development wells, but will do so if necessary to comply with its continuous
disclosure obligations under the ASX Listing Rules.
Harry Wilson, Chief Executive of Sterling Energy Plc, said:
'This is further good news from Mauritania. The commencement of a new
exploration drilling sequence in the PSC Areas A and B extends Sterling's upside
potential beyond the already successful Chinguetti development. Production from
Chinguetti is on target for Q1 2006 and will bring a step change in our cash
flow.'
Oilbarrel Conference
On 21 June 2005, Sterling participated in the oilbarrel investor conference in
London. Sterling's presentation to the conference is available on the Company's
website - www.sterlingenergyplc.com.
Enquiries
Sterling Energy (01582 462 121) Web site: www.sterlingenergyplc.com
Harry Wilson
Graeme Thomson
Citigate Dewe Rogerson (020 7638 9571)
Martin Jackson
Nina Soon
Evolution Securities (020 7071 4300)
Rob Collins / Henry Turcan
Note to Editors
Participating Interests in the Chinguetti Exploitation Perimeter and PSC areas are:
Company Chinguetti PSC PSC PSC
Development Area A Area B Area C6
Woodside group companies (Operator) 47.38448% 53.846% 53.846% 37.578%
Hardman group companies 19.00800% 24.3% 21.6% 22.422%
Groupe Project Chinguetti 12.00000% -- -- --
BG group companies 10.23440% 13.084% 11.63% --
Premier group companies 8.12328% -- 9.231% --
ROC Oil group companies 3.24984% 4.155% 3.693% 5.0%
Fusion group companies -- 4.615%* -- --
Petronas Carigali Overseas Sdn Bhd -- -- -- 35.0%
Sterling Production Royalty Interest 5.28% 2.64% 5.28% -
* Held in trust for Premier Oil
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
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