8 Apr 2014 07:00
08 April 2014
Drilling Update for Bamboo-1, Ntem Concession (Cameroon)
Sterling Energy Plc, the AIM listed exploration company (AIM: SEY), provides the following update for the Ntem Concession, offshore Cameroon.
Bamboo-1, the first exploration well to be drilled on the Ntem Concession commenced operations on 9 February 2014 and Murphy Cameroon Ntem Oil Co. Ltd ("Murphy"), the operator with 50% working interest, has confirmed that the well, located in 1,600 m of water, has reached a total depth of 4,747 m and evaluation operations have been conducted.
The well was designed to target a series of stacked Cretaceous aged, basin floor submarine fans, the main target being the Bamboo fan. The well encountered all pre-drill targets, however analysis of the data indicate that no commercial hydrocarbons were found and the well will now be plugged and abandoned.
The data from the Bamboo-1 well will be analysed in detail and the results used to update the assessment of the remaining prospectivity of this large deep-water block that covers some 2,319 km2. The current phase of the Ntem concession runs to April 2015, with the option to extend the exploration term by a further two years.
Sterling Cameroon Limited ("Sterling") has a 50% non-operated working interest in the Ntem Concession. Murphy, under the terms of the farm-in agreement signed in 2011, will pay Sterling's share of the costs for the drilling of the Bamboo-1 well
Alastair Beardsall, Chairman and acting CEO of Sterling Energy Plc, commented:
'Bamboo-1 was the first well in a large unexplored area. We have identified further Cretaceous and Tertiary prospects in the Ntem block and these will be re-evaluated with the significant new data from Bamboo-1 before determining our future plan for the Ntem block.'
Further information: | |
Sterling Energy Plc. | Tel: +44 20 7405 4133 |
Alastair Beardsall (Chairman) Phil Frank (Exploration Director) | |
Liberum Capital Limited | Tel: +44 20 3100 2000 |
Clayton Bush Simon Atkinson Tim Graham | |
Peel Hunt LLP | Tel: +44 20 7418 8900 |
Andy Crossley Richard Crichton |
In accordance with the guidelines of the AIM Market of the London Stock Exchange, Dr Philip Frank, Ph.D. Geology, Exploration Director of Sterling Energy Plc, who has been involved in the oil industry for over 30 years, is the qualified person that has reviewed the assessment of resources set out above. The estimate of resources was prepared using the March 2007 SPE/WPC/AAPG/SPEE Petroleum Resources Management System (PRMS) as the standard for classification and reporting.
Further information can be found in Sterling Energy's Investor Presentation which can be viewed on the Company's website at www.sterlingenergyplc.com