Sterling Resources Announces Farm Out Agreement of UK License P1792
CALGARY, Nov. 29, 2012 /CNW/ - 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 26(th)
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.
Filer Profile No. 00002072
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
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.
Visitwww.sterling-resources.com or contact:
Mike Azancot, President and Chief Executive Officer, Phone: 44-20-3008-8488,
David Blewden, Chief Financial Officer, Phone: 44-20-3008-8488, Mobile:
George Kesteven, Manager, Corporate and Investor Relations, Phone: (403)
215-9265, Mobile: (403) 519-3912,firstname.lastname@example.org
SOURCE: Sterling Resources Ltd.
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-0- Nov/29/2012 07:00 GMT
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