Sterling takes on five Dutch licenses

Sterling Resources has received approval from the Dutch government to assume interests in five licenses in the F-Quad and L-Quad areas offshore the Netherlands.

Offshore staff

CALGARY, Alberta -- Sterling Resources has received approval from the Dutch government to assume interests in five licenses in the F-Quad and L-Quad areas offshore the Netherlands.

Following the transfer, Sterling Resources Netherlands will hold a 50% interest in the shallow geological horizons in blocks F14, F16, F17, F18, and L01b.

It will also take over operatorship from Stratic Energy, recently acquired by EnQuest, which will retain a 10% interest, with the remaining 40% held by state-owned Energie Beheer Nederland BV (EBN).

The five blocks, covering a total of 1,550 sq km (598 sq mi), are 80 km (49.7 mi) offshore in a water depth of 45 m (147 ft). The shallow horizons in these blocks contain four oil discoveries, with several of the wells testing oil at over 30º API.

Sterling has accessed a recently re-processed, regionally merged 3D seismic dataset which it is using for the structural interpretation and expects to drill an appraisal well during the second half of 2011.

11/29/2010

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