Sterling is a junior oil and gas exploration and development company, active in the British and Dutch sectors of the North Sea, the Romanian sector of the Black Sea and onshore France.
Sterling is headquartered in Calgary, Canada with operations directed from Aberdeenshire, Scotland and Bucharest, Romania.

Listed TSX Venture Exchange –“SLG”

Capital structure
–Common shares –188.42 million;

–No long term debt

Current shares in Issue after recent placing : 188.42mn * $3.47 = market cap of CAD$653.817mn or £420mn

http://www.sterling-resources.com/

Sterling's Milestones

Drilled and appraised Breagh -Largest undeveloped UK SNS gas field in 10 years

Drilled Cladhanoil discovery & successful appraisal confirming commerciality-Strattrap with verysignificant potential.

 Resources upgrade Oct 2010

Drilled and appraised Ana and Doina-Romanian third largest gas discovery

Drilled Blakeneyoil discovery

On a gross basis -Discovered 1.6 tcfof GIP & > 200 mmbblsof OIP

Sold 15% of Breagh area for $US 94 million -Still retaining 30% working interest

•Farm out Agreement signed for Doina-Ana area for $US 90 million carry -Still retaining 32.5% working interest (Doinaarea carried to first gas)

•Finalizing Breagh development finance -Term sheet for £100mm; $44mm equity raised

•First gas 2012 from Breagh and 2013 for Doinaarea -Net production to Sterling approx 100 mmscfd

•2010 7 well exploration / appraisal drilling program -Back to previous activity level; 2011 anticipate 11 well program

•New entries -Paris Basin & Netherlands

 http://www.sterling-resources.com/docs/2010_Ops_Up.pdf

Cladhan

Sterling 39.9% interest (Operator)

3 Wells drilled
•210/29a –4 Discovery Dec 2008
•210/29a –4z Sidetrack appraisal Sept 2010
•210/29a –4y Sidetrack appraisal Sept 2010
•No OWC found
•Minimum 425ft Oil column to date
•20-25% Porosity
•Over pressured system
•Net to gross upto65%
•35°API
•4z –tested at 5900 BOPD from a portion of the net pay restricted by test string & surface facilitiesOuter

 

Gross hydrocarbon column of 159 feet with 102 feet of net hydrocarbon bearing sandstones

The reservoir quality is excellent with average porosities of 21% and average oil saturations of 86%. There are large sections in the well in which porosities exceed 25% and the net to gross has greatly exceeded expectations",

"These results so far exceed our expectations of the quality and extent of the channel sand in this area of the Cladhan reservoir," stated Mike Azancot, Sterling's President and CEO.

http://www.newswire.ca/en/releases/archive/August2010/30/c5698.html

The well was flowed for a total of nearly 18.7 hours, over which 13 hours were stabilised…

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