21 Apr 2009 10:00
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
21 April 2009
STERLING ENERGY PLC
("Sterling" or the "Company")
Bank Waiver Signed
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, is pleased to announce that it has reached agreement with all its syndicate banks regarding the granting of a waiver until mid-August 2009, in connection with the schedule of repayments on its outstanding loans.
Graeme Thomson, Sterling CEO, said:
"Completion of this financing agreement is clearly a very important step forward for Sterling. I believe it is a testimony to the strong relationships we have with our banks as we work together to put in place a robust, long-term solution to this issue.
I believe there is inherent value in the production and exploration prospects of our portfolio. In particular, I anticipate that we will spud our first well in Kurdistan on plan in the fourth quarter of 2009. Sterling has a 53.33% interest in the Sangaw North block and is fully carried for its share of costs, up to the point of testing. Kurdistan is proving to be a prolific hydrocarbon region where, in recent weeks, there has been yet further exciting news of potentially very significant drilling success."
Enquiries
Sterling Energy Plc (+44 20 7405 4133) Web site: www.sterlingenergyplc.com
Graeme Thomson, CEO
Jon Cooper, FD
Evolution Securities (+44 20 7071 4300)
Rob Collins
Chris Sim
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.