Drilling Update

RNS Number : 4210Y

Sterling Energy PLC

07 July 2008

 



07 July 2008

STERLING ENERGY PLC

('Sterling' or the 'Company')

Drilling Update

Iris Charlie Marin-1, Exploration Well, Offshore Gabon

Sterling (symbol: SEY) an AIM listed independent oil and gas exploration and production company with interests in the Gulf of Mexico, Africa and the Middle East, is pleased to announce the Iris Charlie Marin-1 (ICM-1) exploration well, in the Iris Marin PSC, offshore Gabon spudded on 5th July 2008. 

Sterling has a 32% interest in the licence following a recent farmout to Addax Petroleum. Approximately 18% of Sterling's costs in the well are being paid by Addax Petroleum.

The ICM-1 well will target the Charlie Prospect, estimated to contain reserves of 20-40 mmbo in the Gamba Sandstone formation.  The well is located 12 kilometres southwest of the Gamba field in 25 metres of water and will be drilled using Hercules Offshore's jack-up rig Hercules 156. 

Chief Executive, Graeme Thomson said:

'This is an exciting exploration well for Sterling; the Charlie Prospect has significant upside and in the event of success, a number of nearby prospects will be significantly enhanced.  We anticipate reaching target depth in late July and reporting to shareholders soon after.'

For further information contact:

Sterling Energy Plc ([phone])    

Graeme Thomson, Chief Executive

Andrew Grosse, Exploration & Technical Director

Evolution Securities ([phone])

Rob Collins 

Citigate Dewe Rogerson ([phone])

Martin Jackson

George Cazenove

 

END

 

 

MSCIFFEVDAIRIIT