Business
Disposal
Disposal.
About this update from Afentra Plc
[{"type":"text","content":"\n RNS Number : 1065Y Sterling Energy PLC 02 July 2008 \n \n\n\n\n \n\n2 July 2008\n\nSTERLING ENERGY PLC\n('Sterling' or the 'Company')\n\n\nSALE OF INTEREST IN FORUM ENERGY PLC\n\n\nSterling (symbol: SEY), the AIM listed independent oil & gas exploration and production company with interests in the Gulf of Mexico, Africa and the Middle East, today announces the sale of its entire shareholding in AIM listed Forum Energy Plc (FEP).\n\nSterling has sold all of its 4,004,000 ordinary shares (13.95% interest) in FEP at a price of 48p per ordinary share, representing a 100% premium to the market price of 24p at close of business on 1 July 2008, a net consideration of £1.9 million (approximately $3.8 million). \n\nThe Sterling book value of the shares sold was $1.9 million at 31 December 2007.\n\nChief Executive, Graeme Thomson said:\n\n'Sterling Energy is focussed on a portfolio of high impact prospects, primarily in Kurdistan and Madagascar, whereas FEP with its interests in the Philippines is not core to us. We are divesting of non-core assets, including our USA interests and the cash raised will be used to support the continued development of these key prospects where we are preparing for drilling to commence, as well as to repay our bank debt.'\n\n\nFor further information contact:\n\nSterling Energy Plc (+44 20 7405 4133) \nGraeme Thomson, Chief Executive\nHarry Wilson, Deputy Chairman\n\nEvolution Securities (+44 20 7071 4300)\nChris Sim\nTim Redfern\n\nCitigate Dewe Rogerson (+44 20 7638 9571)\nMartin Jackson\nGeorge Cazenove\nThis information is provided by RNSThe company news service from the London Stock Exchange END DISMGGGNRZGGRZG \n ","length":5742,"tagName":"div"}]