Member access

4-Traders Homepage  >  Shares  >  TSX VENTURE EXCHANGE  >  Sterling Resources Ltd.    SLG   CA8589151015

SummaryNewsCalendarCompanyFinancialsConsensusRevisions 

Sterling Resources Ltd. : Sterling Resources Announces Farm Out Agreement Of UK License P1792

11/29/2012 | 08:09am US/Eastern
Recommend:
0

STERLING RESOURCES ANNOUNCES FARM OUT AGREEMENT OF UK LICENSE P1792

Calgary, Alberta, Canada, November 29, 2012 - Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or "the Company") is pleased to announce the signing of an agreement with Shell U.K. Limited ("Shell") to farm out a 40 percent participating interest in UK License P1792 covering Blocks 21/30f and 22/26c in the Central North Sea containing the Beverley prospect and the Belinda and Evelyn discoveries. Sterling was awarded these blocks in the UK 26th Offshore Licensing Round. Under the agreement, Shell will cover Sterling's 20 percent remaining participating interest share of 3D seismic costs across the two blocks and Sterling's share of the costs of an exploration well on the Beverley prospect. Sterling will continue as Operator for the exploration well. Subject to the approval of the Department of Energy and Climate Change, the joint venture interests will be Sterling Resources (UK) Ltd. 20 percent, Shell U.K. Limited 40 percent, and Valiant Petroleum Plc 40 percent.

"The Beverley prospect is associated with possibly the last undrilled salt diapir in the Central North Sea and we believe it has significant potential given the drilling results of other analogous salt diapir structures in the Gannet area. Success could add to the existing Evelyn and Belinda discoveries to create a possible producing hub. The farm out agreement with Shell brings in a partner with regional knowledge while providing Sterling with a carry for the costs of the imminent exploration activities on the Beverley prospect," said David Findlater, Sterling's Vice President UK Exploration.

Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, France and the Netherlands.  The shares are listed and posted for trading on the TSX Venture Exchange under the symbol "SLG".

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Forward-Looking Statements

All statements included in this press release that address activities, events or developments that Sterling expects, believes or anticipates will or may occur in the future are forward-looking statements. In addition, statements relating to reserves or resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves and resources described can be profitably produced in the future.

These forward-looking statements involve numerous assumptions made by Sterling based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.  In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other-forward looking statements will prove inaccurate, certain of which are beyond Sterling's control, including: the impact of general economic conditions in the areas in which Sterling operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations.  Readers should also carefully consider the matters discussed under the heading "Risk Factors" in the Company's Annual Information Form.

Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.  Sterling's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements.  These statements speak only as of the date of the press release. Sterling does not intend and does not assume any obligation to update these forward-looking statements except as required by law.

Financial outlook information contained in this press release about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available.  Readers are cautioned that such financial outlook information contained in this press release should not be used for purposes other than for which it is disclosed herein.



distributed by
Recommend :
0
React to this article
Latest news on STERLING RESOURCES LTD.
08/07 STERLING RESOURCES : announces second quarter operating and financial results an..
07/27 STERLING RESOURCES : Closes US$32 Million Equity Private Placementt
07/25 STERLING RESOURCES : Closes US$32 Million Equity Private Placement
07/16 IIROC Trade Resumption - Sterling Resources Ltd.
07/16 STERLING RESOURCES : announces US$32 million equity private placement
07/16 STERLING RESOURCES : IIROC Trading Resumption - SLG
07/16 STERLING RESOURCES : IIROC Trade Resumption - Sterling Resources Ltd.
07/15 IIROC Trade Halt - Sterling Resources Ltd.
07/15 STERLING RESOURCES : IIROC Trading Halt - SLG
07/15 STERLING RESOURCES : announces US$32 million equity private placement
Advertisement
Dynamic quotes  
ON
| OFF