Business
Operating Update
Operating Update.
About this update from Afentra Plc
[{"type":"text","content":"\n Sterling Energy PLC\n12 November 2007\n\n\n\n12 November 2007\n\n STERLING ENERGY PLC\n ('Sterling' or the 'Company')\n\n\n OPERATIONS UPDATE\n\n\nSterling (symbol: SEY), an AIM listed independent oil & gas exploration and\nproduction company with interests in the Gulf of Mexico, Africa and the Middle\nEast, provides a summarised operations update:\n\n\n\n\n\n • Sterling has separately announced today that it has entered into a\n Production Sharing Contract ('PSC') with the Kurdistan Regional Government\n of Iraq ('KRG') for the highly prospective Sangaw North exploration block \n ('Block')\n\n\n\n • An exploration well is due to commence on the 5-20 million bbls Admiral\n Prospect offshore Gabon in early December in which Sterling has a c.28%\n interest. Sterling is carried for its costs on approximately two thirds of\n its interest\n\n\n\n • Key decisions regarding additional data and possible early drilling on a\n significant prospect are anticipated soon on the offshore Madagascar\n licences (Sterling 30%)\n\n\n\n • Third quarter net group production averaged c.6,100 boepd, an increase of\n 25% over the first half\n\n\n\n • Hedges have been implemented for 1,000 bpd of oil for 2008/9 at an average\n of $74.30/bbl and for a total of 3.5 bcf of gas until July 2009 at an\n average price of c.$7.75/mmbtu\n\n\n\n • The USA operations have continued their successful drilling programme with\n 30 wells in 2007 and an 80% success rate. Three wells are currently drilling\n\n\n\n • A second horizontal Austin Chalk well has now commenced production sales\n at approximately 1 mmcfed net. Testing equipment has just arrived on the\n Thunder Stud location for a six week programme\n\n\n\n • Phase 2B development work on Chinguetti field remains on track to commence\n in q1 2008 with 2 development wells and 3 workovers expected. At least one\n exploration well and one appraisal well are also expected in the area where\n Sterling has a royalty interest.\n\n\n\n\n\n\n\n\n\n\nEnquiries\n\n\nSterling Energy Plc (0207 405 4133) Web site: www.sterlingenergyplc.com\nHarry Wilson\nGraeme Thomson\n\n\nEvolution Securities (020 7071 4300)\nRob Collins\nTim Redfern\n\n\nCitigate Dewe Rogerson (020 7638 9571)\nMedia enquiries: Martin Jackson\nAnalyst enquiries: Kate Delahunty\n\n\n\n\n\nIn accordance with the guidelines of the AIM M...