Sterling Res UpdateThe Company finding some bids in yesterday's sea of red was North Sea oil and gas explorer Sterling Resources.
Of late, Sterling has been the benefactor of a couple positive analyst reports published recently, as well as some solid drill results. On January 22, Sterling announced the successful testing of the 42/13-5z horizontal Breagh well located on Block 42/13 in the UK Southern North Sea (Sterling 45% interest). The well tested dry gas at a maximum rate of 26 mmcf/d on an 80/64 inch choke size at a flowing well head pressure of approximately 890 psi, which is a decent well.
We ( Cannacord ) believe this news should be the catalyst to conclude expected joint venture arrangements to assist in financing the development of this discovery and perhaps more exploration in surrounding blocks controlled by Sterling.
This is part of the Cannacord review posted at
www.amprogram.com