Sterling Resources Ltd. an international oil and gas company with exploration and development assets in the United Kingdom, Romania, France and the Netherlands, announces interim operating and financial results for the quarter ended March 31, 2013. Unless otherwise noted all figures contained in this report are denominated in Canadian dollars. For the three months ended [...]
Sterling Resources Ltd. has announced the successful placing of the USD 225 million senior secured bond issue (the “Bond”) issued by its UK subsidiary Sterling Resources (UK) Ltd (the “Issuer”). The net proceeds of USD 218.6 million from the Bond will be used (i) to prepay the entire senior secured credit facility with a group [...]
Sterling Rescources, a Canadian-listed international oil and gas company headquartered in Calgary, in its operational update issued Tuesday informed that a final version of the Cladhan Field Development Plan (“FDP”) was submitted to DECC at the beginning of February 2013. The Cladhan Field is located in the northern North Sea, approximately 100 km north east of the Shetland [...]
Canadian listed international oil and gas company Sterling Resources Ltd. has closed the first tranche of the private placement portion of its previously announced offering of 73,333,334 common shares in the capital of the Company on a bought deal basis (the “Offering”). Pursuant to the First Tranche, 50,000,000 Common Shares were issued at a price [...]
Vitol Anker International B.V., a wholly owned subsidiary of The Vitol Group, announced that it intends to make an offer to buy all of the outstanding common shares of Canada’s oil company Sterling Resources Ltd., not beneficially owned by Vitol Anker and its affiliates, for cash consideration of $0.85 per share in a transaction which [...]
Sterling Resources Ltd. has made a gas discovery following the drilling of the Eugenia-1 well drilled in the Black Sea offshore Romania. The well reached a total measured depth (“MD”) at 2,276 metres (2,248 metres subsea). The preliminary log analysis indicates a total of 22 metres of gas-bearing Late Cretaceous sandstones, mainly within two intervals. [...]
Sterling Resources Ltd. has announced the results of production testing from the initial three wells completed as part of the on-going Breagh Development in the UK sector of the North Sea. In summary, all well results fall within the range of expected outcomes from the reservoir simulation model. Once normalized to reflect the expected sales [...]
Sterling Resources Ltd. has signed a deal with 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 [...]
Sterling Resources Ltd. announced that John P. Collenette has been appointed to Sterling’s Board of Directors, effective November 13th, 2012. Collenette has more than 30 years of experience in finance and commodity trading, most recently as a senior finance executive with Vitol Services Limited. He retired from this position in 2011. Collenette is a resident [...]
Sterling Resources Ltd. announces the results of the exploration well on the Ioana prospect in Block 15 Midia in the Romanian Black Sea. The well was drilled to a total depth of 1,950 metres measured depth (“MD”), 1,513 metres true vertical depth subsea (“TVDSS”). Gas shows from drilling mud gas measurements were experienced from a [...]
