Sterling hopes to double Chinguetti production

Sterling Energy has provided an update on activities in Africa and the Middle East.

Offshore staff

LONDON -- Sterling Energy has provided an update on activities in Africa and the Middle East.

Gabon
The offshore ICM-1 well is scheduled to spud in May on the Iris Marin license (Sterling 50% interest). The well is targeting gross reserves of 15-40 MMbbl.

Mauritania
An appraisal well will be drilled on the Banda discovery at the end of Q1 by the Attwood Hunter. It then is scheduled to drill two development wells and three workovers on the 50 MMbbl Chinguetti field during Q2 2008.

The company hopes to more than double field production, which in Q4 2007 averaged 12,300 b/d of oil. Petronas has completed the acquisition of Woodside's interests in Mauritania, including Chinguetti, and has taken over as field operator.

AGC joint development area
The operator is in negotiations to secure a rig to drill an exploration/appraisal well targeting the potential light oil reservoirs on the flanks of the offshore Dome Flore heavy oil discovery, plus also appraising the heavy oil accumulation. Sterling has a carried 30% interest in the well.

Madagascar
Negotiations are in progress regarding possible early drilling on a significant prospect offshore Madagascar. Sterling currently has a partly-carried 30% interest in an area of approximately 25,000 sq km (9,653 sq mi), with ExxonMobil as operator. The company is seeking to farm out a further portion of its costs in the proposed well.

Kurdistan
Planning for the 2D seismic program on the recently acquired Sangaw North permit is under way. A number of oil seeps on the main structure have been identified. Sterling is seeking to fast-track work on the area.

02/04/2008

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