Cladhan heads for summer start-up in North Sea

Sterling Resources says the second production well (P2) for the TAQA-operated Cladhan field development in the UK northern North Sea will unlikely be completed until late January or early February.

Offshore staff

CALGARY, Canada – Sterling Resources says the second production well (P2) for the TAQA-operated Cladhan field development in the UK northern North Sea will unlikely be completed until late January or early February.

Other work on the project is proceeding as planned, with first production still expected this summer.

In the southern UK North Sea, an appraisal well spudded in November on the Crosgan gas discovery (well 42/15-3) is expected to reach total depth later this month. Depending on the result, a production test may follow.

The company has a 30% interest in the blocks covering Crosgan, which is roughly 25 km (16 mi) northeast of theBreagh field, with operator RWE Dea holding the remaining 70%.

Sterling is in discussions with potential purchasers of parts of its interests in Breagh and itsRomanian Black Sea holdings.

The company aims to raise funds to meet interest and amortization installment payments of $32.7 million owed to bondholders on April 30.

01/15/2015

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