Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

SummaryNewsCalendarCompanyFinancialsRevisions 
News SummaryMost relevantAll newsSector newsTweets

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/29/2012 | 02:09pm CEST

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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on STERLING RESOURCES LTD
08/16 STERLING RESOURCES LTD. : Announces 2017 Second Quarter Financial and Operating ..
07/04 STERLING RESOURCES LTD : ex-dividend day
06/15 STERLING RESOURCES LTD. : Confirms First Distribution in Connection with Winding..
05/30 STERLING RESOURCES LTD. : Announces 2017 First Quarter Financial and Operating R..
05/16 STERLING RESOURCES : Announces Closing of the Sale of Sterling Resources (UK) Lt..
05/16 STERLING RESOURCES LTD. : Announces Closing of the Sale of Sterling Resources (U..
05/08 STERLING RESOURCES LTD. : Reports Results of Annual General and Special Meeting
03/30 STERLING RESOURCES LTD. : Provides 2016 Financial and Operating Results and Rese..
03/03 STERLING RESOURCES : IIROC Trading Resumption - SLG
03/03 IIROC Trade Resumption - Sterling Resources Ltd.
More news
Financials ($)
Sales 2017 37,0 M
EBIT 2017 -10,0 M
Net income 2017 -16,0 M
Debt 2017 41,0 M
Yield 2017 -
P/E ratio 2017 -
P/E ratio 2018
EV / Sales 2017 1,54x
EV / Sales 2018 0,42x
Capitalization 15,8 M
Income Statement Evolution
Consensus
 
Mean consensus OUTPERFORM
Number of Analysts 1
Average target price -
Spread / Average Target -100%
EPS Revisions
Managers
NameTitle
John M. Rapach Chief Executive & Operating Officer
Jacob Shields Ulrich Chairman
Christine Shinnie Chief Financial Officer
Gavin Hugh Lothian Wilson Director
Eleanor J. Barker Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
STERLING RESOURCES LTD16
CONOCOPHILLIPS-15.24%52 560
CNOOC LTD-5.91%51 843
EOG RESOURCES INC-17.22%48 644
OCCIDENTAL PETROLEUM CORPORATION-17.39%45 232
WILLIAMS PARTNERS LP0.45%37 174