Don't be silly24 May 2011 10:59
20 - 30p, I don't think so! Ok, not looking like they have found oil, only gas, but just look at their neighbour Heritage Oil's market cap now and before they discovered their huge gas find in Kurdistan. 48p is the 52 week low here, they have cash in the bank, flow test being undertaken, yet market sentiment is down. Don't give your shares away on the cheap!
The joint-venture partnership has elected, based on gas shows while drilling, to conduct a flow test across the open hole section. The flow test, including preparatory operations, is expected to take approximately three weeks to complete. Further flow testing may be undertaken depending on the results of the first flow test and interpretation of the drilling and petrophysical data acquired in the well.
Angus MacAskill, Sterling's Chief Executive said:
"We are pleased to have reached the planned well depth in this very challenging drilling environment and look forward to the outcome from the ongoing programme of data acquisition."