10th Feb 2014 10:55
LONDON (Alliance News) - Sterling Energy PLC Monday said drilling operations have started at it Bamboo-1 well at the Ntem Concession, offshore Cameroon.
The oil and gas exploration and production company said the well, which is to be drilled by the sites operator Murphy Cameroon Ntem Oil Co Ltd is to be drilled to roughly a target depth of 4,200 metres over 60 to 70 days.
The company said the Bamboo well will test multiple targets with the primary resource objective estimated to have a mean un-risked, gross prospective resource of 450 million barrels of oil equivalent.
Sterling has a 50% non-operated working interest in the Ntem Concession and Murphy will pay Sterling's share of the costs for the drilling of the Bamboo-1 well.
Sterling Energy shares were up 1.5% to 51.50 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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