Sterling Energy set to start drilling Sangaw North well in December
30 November 2009
Sterling Energy is planning to start drilling its first exploration well on the Sangaw North block in Kurdistan in the second half of December.
In an update, the exploration and production group with interests in Africa, the US and the Middle East, said the drilling rig was currently in transit.
Sterling is the operator of the Sangaw North block and has a 53.33% working interest. The first well is set to target several prospective reservoirs in the Cretaceous and has a planned total depth of 3,660m, with an option to drill to 4,160m.
An independent review of the Sangaw North prospect undertaken by RISC (UK) gives a best estimate of gross prospective oil resources for the Cretaceous interval of 804 million barrels. If the well is drilled to 4,160m it will also test potentially prospective reservoirs within the Jurassic.
In October Sterling announced plans to sell its US assets for an initial fee of US$90 million. Today it said that deal was progressing well, with the proceeds earmarked for paying down debt. Once the US deal is complete, Sterling is planning to launch a 2 for 9 open offer to shareholders in order to raise £20.6 million.
Alastair Beardsall, Sterling's executive chairman said the sale of the USA business, when completed, would allow the company to focus on its exploration portfolio without the burden of any debt.
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