SEY.L Regulatory News (SEY)

22 Jun 2005 17:34

Sterling Energy PLC22 June 2005 22 JUNE 2005 STERLING ENERGY PLC ("Sterling" or the "Company") MAURITANIA OFFSHORE DRILLING UPDATE Sterling Energy, the AIM listed (symbol: SEY) independent oil & gas explorationand production company, note that the following announcement was made earliertoday by Woodside Petroleum: Woodside Mauritania Pty Ltd, a wholly-owned subsidiary of Woodside PetroleumLtd., reports that the first three exploration locations for its 2005Mauritanian exploration drilling sequence have been selected. Two of the wells, Sotto and Colin, will target relatively high risk butpotentially high reward prospects in PSC Area A. The third well, Espadon, istargeting a medium risk, moderate reward prospect close to the Tiof Discovery inPSC Area B. It is planned to begin drilling these wells in late July 2005 usingthe Stena Tay drill rig. A further three wells are likely before the end of the year, including one inPSC Area C6. Subsequent announcements will be made concerning these wells. The West Navigator drill ship continues working on Chinguetti development wells. Woodside does not plan to issue announcements regarding operations on Chinguettidevelopment wells, but will do so if necessary to comply with its continuousdisclosure obligations under the ASX Listing Rules. Harry Wilson, Chief Executive of Sterling Energy Plc, said: "This is further good news from Mauritania. The commencement of a newexploration drilling sequence in the PSC Areas A and B extends Sterling's upsidepotential beyond the already successful Chinguetti development. Production fromChinguetti is on target for Q1 2006 and will bring a step change in our cashflow." Oilbarrel Conference On 21 June 2005, Sterling participated in the oilbarrel investor conference inLondon. Sterling's presentation to the conference is available on the Company'swebsite - www.sterlingenergyplc.com. Enquiries Sterling Energy (01582 462 121) Web site: www.sterlingenergyplc.comHarry WilsonGraeme Thomson Citigate Dewe Rogerson (020 7638 9571)Martin JacksonNina Soon Evolution Securities (020 7071 4300)Rob Collins / Henry Turcan Note to Editors Participating Interests in the Chinguetti Exploitation Perimeter and PSC areas are: Company Chinguetti PSC PSC PSC Development Area A Area B Area C6Woodside group companies (Operator) 47.38448% 53.846% 53.846% 37.578%Hardman group companies 19.00800% 24.3% 21.6% 22.422%Groupe Project Chinguetti 12.00000% -- -- --BG group companies 10.23440% 13.084% 11.63% --Premier group companies 8.12328% -- 9.231% --ROC Oil group companies 3.24984% 4.155% 3.693% 5.0%Fusion group companies -- 4.615%* -- --Petronas Carigali Overseas Sdn Bhd -- -- -- 35.0%Sterling Production Royalty Interest 5.28% 2.64% 5.28% - * Held in trust for Premier Oil This information is provided by RNS The company news service from the London Stock Exchange