1st Aug 2008 10:00
STERLING ENERGY PLC
("Sterling" or the "Company")
Drilling Update - Gabon
Further to the Company's announcement on 7 July 2008, 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, confirms that the ICM-1 well, in the Iris Marin permit offshore Gabon, has been drilled to a depth of 1,640 metres.
The reservoir was encountered as planned, but was found to be water bearing, and the well is therefore being plugged and abandoned.
Sterling has a 32% interest in the Iris Marin permit, following a recent farmout of an 18% interest on a carried basis and Sterling's 14% paying interest in the well is more than covered by the past costs payment made to Sterling, as part of this farmout.
For further information contact:
Sterling Energy Plc (+44 20 7405 4133)
Graeme Thomson, Chief Executive
Andrew Grosse, Exploration & Technical Director
Evolution Securities (+44 20 7071 4300)
Rob Collins
Citigate Dewe Rogerson (+44 20 7638 9571)
George Cazenove
In accordance with the guidelines of the AIM Market of the London Stock Exchange, Andrew Grosse, B.Sc (Hons) Geology & Geophysics (1980), Exploration & Technical Director of Sterling Energy Plc, who has been involved in the oil industry for over 27 years, is the qualified person that has reviewed the technical information contained in this press release.
Related Shares:
SEY.L