updated UK North Sea drilling plansSterling Resources announces updated UK North Sea drilling plans (cnw)
CALGARY, May 3/CNW/ - Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or the"Company") announces the following update to its 2010 drilling plans in the United Kingdom North Sea.
Consistent with previous expectations, RWE Dea the operator of the Quad 42 Breagh field, have informed Sterling that the rig to drill both the Airidh and Macanta prospects will arrive on or about May 18th. Drilling will commence initially at the Airidh location, with the well anticipated to take approximately 30 days to complete. Sterling maintains a 30% working interest in the greater Breagh area.
The Cladhan prospect on Block 210/29a which had been anticipated to spud in mid May, subject to the availability of the J.W. McLean rig, will now commence drilling in late June or early July. The rig has been involved in a longer than expected program with the previous operators and has one more well to drill before moving to Cladhan. Sterling maintains a 39.9% working interest in the Cladhan prospect.
Drilling of the Grian prospect in Block 48 of the UK North Sea is still expected to occur during the third quarter of 2010. Site survey work at the Grian prospect is now underway with Sterling currently holding a 57% working interest.
Commenting on these changing plans, Stewart Gibson,Sterling's Chief Executive Officer noted that "These changes are reflective of typical operational timings with rigs on multi-well drilling programs in the North Sea. The Company continues to move forward with all of its previously announced 2010 drilling plans, albeit on a slightly revised timetable."
Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania and France. The shares are listed and posted for trading on the TSX Venture Exchange under the symbol "SLG".
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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Forward-Looking Statements
All statements included in this press release that address activities, events or developments that Sterling expects, believes or anticipates will or may occur in the future are forward-looking statements. In addition, statements relating to reserves or resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that there serves and resources described can be profitably produced in the future.