14th Jan 2008 07:01
Sterling Energy PLC14 January 2008 STERLING ENERGY PLC ("Sterling" or the "Company") GABON DRILLING Sterling (symbol: SEY), an AIM listed independent oil & gas exploration andproduction company with interests in the Gulf of Mexico, Africa and the MiddleEast, announces that the THAM-1 well, Themis Marin, was drilled to its targetdepth of 1,330 metres in 11 days, on budget. The reservoir target wasencountered low to prognosis with limited hydrocarbon shows and the well is nowbeing plugged and abandoned. Sterling has a 28.5% interest and had partiallyfarmed out its interest in the well and thus paid only 10.5% of theapproximately $13.5 million well costs. The second well in the Gabon drilling programme, ICM-1, is scheduled to spud inApril in the Iris Marin licence (Sterling 50% interest*). This well has muchhigher potential upside and is targeting gross reserves of 11-40 million bbls. Enquiries Sterling Energy Plc (+44 20 7405 4133) Web site: www.sterlingenergyplc.comHarry WilsonAndy Grosse Evolution Securities (+44 20 7071 4300)Rob CollinsTim Redfern Citigate Dewe Rogerson (+44 20 7638 9571)Media enquiries: Martin JacksonAnalyst enquiries: Kate Delahunty In accordance with the guidelines of the AIM Market of the London StockExchange, Harry Wilson, BSc (Hons) Physics (1973), Chief Executive Officer ofSterling Energy Plc, who has been involved in the oil industry for over 33years, is the qualified person that has reviewed the technical informationcontained in this press release. * subject to completion of pre-emption over 11.43% This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SEY.L