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Bob......another item re Sterling

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designer   Friday, 07/08/05 09:04:45 PM
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Bob......another item re Sterling


STERLING RESOURCES LTD. FARMS OUT INTEREST IN OFFSHORE UK CENTRAL NORTH SEA BLOCK

Sterling Resources Ltd. has signed a letter of agreement with Oilexco North Sea Ltd. under which Oilexco proposes to acquire a 65% interest in and become the operator of block 21/23a in the United Kingdom Central North Sea by paying 95% of the costs of a well to test an Eocene channel sand prospect on the block. Sterling currently holds 100% interest in block 21/23a. It will pay 5% of the well cost and retain a 35% interest.

Oilexco will endeavour to drill the well by the end of the year using the Sedco 712 rig, which it currently has under long-term contract.

Block 21/23a is one of the blocks awarded to Sterling in the UK 22nd licensing round. Since the award, Sterling has acquired 3D seismic over the block and has completed technical evaluations in conjunction with its outside consultants. The well to be drilled is within a clearly defined channel system.

The arrangement is subject to mutually acceptable formal agreement and the approval of the UK Department of Trade and Industry.




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