Sterling announced that approval has been received from the Dutch authorities to transfer to Sterling interests in five licenses within the F-Quad and L-Quad areas offshore Netherlands. With this license transfer process completed Sterling Resources Netherlands BV will hold a 50 percent interest in the shallow geological horizons in blocks F14, F16, F17, F18 and L01b and will assume operatorship from Stratic Energy Corporation now wholly owned by Enquest PLC, who will continue to hold a 10 percent interest. Energie Beheer Nederland BV (EBN) participates at a 40 percent interest.
The five blocks cover 1550 square kilometers and are located 80 kilometers offshore in a water depth of 45 meters. The shallow horizons in these blocks contain four oil discoveries, with several wells which tested oil with API gravities in excess of 30 degrees. Sterling has acquired access to a recently re-processed regionally merged 3D seismic dataset which is significantly assisting the structural interpretation.
"We are delighted to announce our entry into the Netherlands, in what we believe to be a material offshore growth opportunity," stated Mike Azancot, Sterling's Chief Executive Officer. "We will now begin preparations to drill an appraisal well during the latter half of 2011."
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