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30 Jun 2009 09:15
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
30 June 2009
STERLING ENERGY PLC
("Sterling" or the "Company")
Annual General Meeting
Sterling (symbol: SEY), an AIM listed independent oil & gas exploration and production company with interests in the Gulf of Mexico, Africa and the Middle East, today held its Annual General Meeting at which all Resolutions were passed.
Dick Stabbins, Chairman, said
"Looking ahead, there are many exciting opportunities open to us and, of course, issues that we need to resolve. Key amongst these is near-term drilling in Kurdistan, which is clearly one of the most exciting hydrocarbon provinces in the world, as well as dealing with the excess of our debt over our appraised borrowing base.
The recent world-class multi-billion barrel discovery in Kurdistan, the commencement of exports and recent high-profile corporate activity, are all very positive for our 53.33% owned and operated Sangaw North PSC. We plan to drill our first well there in the fourth quarter. Our costs are being carried. This well has the potential to transform Sterling's outlook.
Our focus is on finding a resolution to our debt shortfall, which has arisen principally as a result of the sustained and major fall in USA natural gas prices. Whilst we remain in discussions with interested third parties and seek a sale of assets, not least the USA business, we continue to repay $1million per month from cash flow.
I would like to assure shareholders that management is fully concentrated on resolving the debt issue and ensuring that those opportunities available to us are exploited to the full."
Enquiries
Sterling Energy Plc (+44 20 7405 4133) Web site: www.sterlingenergyplc.com
Dick Stabbins
Graeme Thomson, CEO
Evolution Securities (+44 20 7071 4300)
Rob Collins
Chris Sim
N M Rothschild & Sons Limited (+44 20 7280 5000)
Neeve Billis
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
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.
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of STERLING, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which any offer (if made) becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of STERLING, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of STERLING by STERLING, or by any of its "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at http://www.thetakeoverpanel.org.uk/new/.
"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.
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