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Sterling finally offloads US business

Tue, 20th Oct 2009 09:29

Oil and gas exploration company Sterling Energy has sold off its US business for an initial $90m.Sterling announced its intention to sell its US business in April 2008 but found it difficult to find a buyer at the right price in the midst of the global financial crisis.With the price of gas stabilising and the price of oil recovering, the company has been able to secure a satisfactory price for the assets, most of which are situated on the Gulf Coast and shallow waters of the Gulf of Mexico.The company has sought to reap the benefit of any further rises in the price of gas and oil by augmenting the deal with a three year 'upside sharing agreement.'This will entitle Sterling to a 40% share of the annual excess net production proceeds if the average realised oil price exceeds $90 per barrel and/or the realised gas price exceeds $9 per million cubic feet during the period from 2010 to 2012, inclusive.The assets being sold had, at 1 April 2009, estimated proved and probable reserves of 53bn and 41bn cubic feet of gas equivalent respectively, of which 73% is gas and 27% is oil.The sale has been back-dated to 1 April, 2009, which means that the final amount that changes hands will be reduced to take into account revenues Sterling has already received from the assets.The company expects the final payment to be in the region of $79m on completing, which will be used to repay all of Sterling'' outstanding bank debt of $73m.
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27 Jul 2018 09:20

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22 Mar 2018 11:33

Sterling Energy Loss Widens As Chinguetti Production Falls In 2017

LONDON (Alliance News) - Oil and gas company Sterling Energy said on Thursday its loss widened in 2017 as revenue fell due to substantially lower production in the pretax loss

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20 Jan 2017 15:18

Sterling Energy appoints chairman, two directors

(ShareCast News) - Oil and gas exploration company Sterling Energy has named Michael Kroupeev as non-executive chairman, with immediate effect. It also confirmed that Leo Koot would become senior independent non-executive director, and that Ilya Belyaev would become a non-executive director. At 15:

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20 Jan 2017 08:55

Sterling Energy Promotes Non-Executive Michael Kroupeev To Chairman

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14 Nov 2016 10:28

Sterling Energy posts Q3 loss; involved in talks on new transactions

(ShareCast News) - AIM-listed Sterling Energy said it had posted a third quarter loss before interest, tax, depreciation and exploration expense of $0.9m compared with a $2.1m loss a year earlier. Revenue was slightly higher at $1.5m compared with $1.4m in 2015. Production, net to the company (incl

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13 Oct 2016 15:11

Sterling Energy Non-Exec Chairman Resigns Due To Strategic Differences

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11 May 2016 08:39

Sterling Energy Chairman Beardsall Retires, Replaced By Clayton

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28 Apr 2016 08:06

Sterling Energy To Withdraw From Ambilobe Block Offshore Madagascar

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25 Apr 2016 11:02

Oil price sees volumes, earnings shrink at Sterling Energy

(ShareCast News) - Sterling Energy was bearing the brunt of the oil glut in its first quarter, reporting much lower production and earnings in an interim management statement on Monday. The AIM-traded company reported net production to the company from the Chinguetti field averaging 106 barrels of o

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25 Apr 2016 09:43

Sterling Energy Says First Quarter Loss Widens

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18 Apr 2016 15:05

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16 Mar 2016 08:39

Sterling Energy Gifts Interest In Offshore Block To Tullow Subsidiary

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14 Mar 2016 08:29

Sterling Energy To Close Sole Producing Asset But Has Plenty Of Cash

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