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7 Jul 2008 07:00
07 July 2008
STERLING ENERGY PLC
("Sterling" or the "Company")
Drilling Update
Iris Charlie Marin-1, Exploration Well, Offshore Gabon
Sterling (symbol: SEY) an AIM listed independent oil and gas exploration and production company with interests in the Gulf of Mexico, Africa and the Middle East, is pleased to announce the Iris Charlie Marin-1 (ICM-1) exploration well, in the Iris Marin PSC, offshore Gabon spudded on 5th July 2008.
Sterling has a 32% interest in the licence following a recent farmout to Addax Petroleum. Approximately 18% of Sterling's costs in the well are being paid by Addax Petroleum.
The ICM-1 well will target the Charlie Prospect, estimated to contain reserves of 20-40 mmbo in the Gamba Sandstone formation. The well is located 12 kilometres southwest of the Gamba field in 25 metres of water and will be drilled using Hercules Offshore's jack-up rig Hercules 156.
Chief Executive, Graeme Thomson said:
"This is an exciting exploration well for Sterling; the Charlie Prospect has significant upside and in the event of success, a number of nearby prospects will be significantly enhanced. We anticipate reaching target depth in late July and reporting to shareholders soon after."
For further information contact:
Sterling Energy Plc (+44 20 7405 4133)
Graeme Thomson, Chief Executive
Andrew Grosse, Exploration & Technical Director
Evolution Securities (+44 20 7071 4300)
Rob Collins
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
George Cazenove
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