Sterling (symbol: SEY), an AIM listed independent oil & gas exploration and production company with interests in the Gulf of Mexico, Africa and the Middle East, announces that the THAM-1 well, Themis Marin, was drilled to its target depth of 1,330 metres in 11 days, on budget. The reservoir target was encountered low to prognosis with limited hydrocarbon shows and the well is now being plugged and abandoned. Sterling has a 28.5% interest and had partially farmed out its interest in the well and thus paid only 10.5% of the approximately $13.5 million well costs.
The second well in the Gabon drilling programme, ICM-1, is scheduled to spud in April in the Iris Marin licence (Sterling 50% interest*). This well has much higher potential upside and is targeting gross reserves of 11-40 million bbls.
 
 
 
Enquiries

Sterling Energy Plc (+44 20 7405 4133)         
Harry Wilson
Andy Grosse

Evolution Securities (+44 20 7071 4300)
Rob Collins
Tim Redfern

Citigate Dewe Rogerson (+44 20 7638 9571)
Media enquiries: Martin Jackson
Analyst enquiries: Kate Delahunty

In accordance with the guidelines of the AIM Market of the London Stock Exchange, Harry Wilson, BSc (Hons) Physics (1973), Chief Executive Officer of Sterling Energy Plc, who has been involved in the oil industry for over 33 years, is the qualified person that has reviewed the technical information contained in this press release.

* subject to completion of pre-emption over 11.43%