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| Sterling provides update on rig timing |  |
CALGARY, Jul 16, 2008 (Canada NewsWire via COMTEX News Network) --
Sterling Resources Ltd. (TSX-V: SLG)
Offshore Romania, Sterling is pleased to announce that it has received notification from Grup Servicii Petroliere S.A (GSP), the owner of the Prometeu jack-up rig, that they plan to have the rig on location on or around the 19th of July. Following rig up and conductor driving, this will enable the drilling of the well to start early next week.
The first well, which is will be known as the Doina-4 well, is expected to take around 20 days to drill and log and a further 15 days if testing is undertaken. Independent mapping of the Doina structure has indicated the potential for significant upside to the north and east of the three wells previously drilled. The Doina 4 well location has been selected approximately 1.5 kilometers north and east of the Doina 2 well to both further appraise the existing discovery and provide additional data to partially evaluate further upside. A successful well will be completed with a mud line suspension system which will allow future re-entry and possible use as a producer.
Stewart Gibson, Chief Executive Office of Sterling, states "Following the successful discovery with our first operated well in the Black Sea, (Doina Sister/Ana) we are excited to see our plans for the Midia Block moving forward. In addition to refining the resource estimates within the original Doina discovery, the next well (Doina-4) will hopefully yield valuable insight into the upside which may exist within the overall Doina trend. The activity in Romania as well as the expected drilling of several wells in the UK offshore during the next six months is a period of important activity for the Company."
Sterling Resources Ltd. is an international oil and gas company headquartered in Calgary, Alberta.
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SGURF:
This call was made
on 07/23/08
@ $2.3599
| Rating: |
$2.3599 (07/23/08)
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| Gain/Loss: |
-57.20%
in
1404 days
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| Target: |
$5.00
(+111.87%)
in > one year
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