Bob....I hope it is OK to post some items about Sterling Resources on this board. I'm too cheap to be a paying member of IHUB:)
Here is the first one....
STERLING RESOURCES LTD. FARMS OUT INTEREST IN OFFSHORE UK SOUTHERN GAS BASIN BLOCK
Sterling Resources Ltd. has signed a letter agreement with Grove Energy (UK) Ltd. under which Grove will acquire a 25-per-cent interest in block 42/13 located in the U.K. Southern North Sea gas basin. Sterling currently holds a 100-per-cent working interest in the block, which will reduce to 75 per cent as a result of the farm-out. Sterling will remain operator.
Grove will earn its interest by paying 50 per cent of the dry hole costs of a well to the Carboniferous. Costs in excess of the turnkey cost of drilling the well and any testing costs will be paid by the parties according to their working interests.
Block 42/13 was one of the blocks awarded to Sterling in the U.K. 22nd licensing round. Since award, Sterling has acquired the 3-D seismic over the block and a full evaluation has been completed by Sterling's consultants, PGL. The study confirms the potential for a large structure within which a 400-foot gas column has been proven by the 42/13-2 well. The study further shows that the 42/13-2 discovery well, drilled by Mobil in 1997, had significant wellbore damage and that an undamaged well should have produced commercial rates of natural gas.
Sterling plans to farm out additional working interest but in the interim will progress final well location and turnkey well proposals. The area is suited to jack up drilling and plans are progressing for a well in 2006.
The agreement is subject to the approval of the U.K. Department of Trade and Industry and a formal agreem
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