2nd Jul 2008 09:11
2 July 2008
STERLING ENERGY PLC
("Sterling" or the "Company")
SALE OF INTEREST IN FORUM ENERGY PLC
Sterling (symbol: SEY), the AIM listed independent oil & gas exploration and production company with interests in the Gulf of Mexico, Africa and the Middle East, today announces the sale of its entire shareholding in AIM listed Forum Energy Plc (FEP).
Sterling has sold all of its 4,004,000 ordinary shares (13.95% interest) in FEP at a price of 48p per ordinary share, representing a 100% premium to the market price of 24p at close of business on 1 July 2008, a net consideration of £1.9 million (approximately $3.8 million).
The Sterling book value of the shares sold was $1.9 million at 31 December 2007.
Chief Executive, Graeme Thomson said:
"Sterling Energy is focussed on a portfolio of high impact prospects, primarily in Kurdistan and Madagascar, whereas FEP with its interests in the Philippines is not core to us. We are divesting of non-core assets, including our USA interests and the cash raised will be used to support the continued development of these key prospects where we are preparing for drilling to commence, as well as to repay our bank debt."
For further information contact:
Sterling Energy Plc (+44 20 7405 4133)
Graeme Thomson, Chief Executive
Harry Wilson, Deputy Chairman
Evolution Securities (+44 20 7071 4300)
Chris Sim
Tim Redfern
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
George Cazenove
Related Shares:
SEY.LLfeaccetfusd