Sterling's Bamboo-1 Well Comes up Dry

Junior explorer Sterling Energy reported Friday that its first exploration well – Bamboo-1 – on the Ntem block, offshore Cameroon has failed to identify commercial hydrocarbons after being drilled to a total depth of 15,575 feet.

In an operations update, Sterling Chairman Alastair Beardsall commented:

"Unfortunately Bamboo-1, our first exploration well drilled on the Ntem Block, failed to find commercial hydrocarbons; fortunately the well was drilled at no cost to Sterling. Sterling holds material interests in three deep-water exploration blocks, one in Cameroon and two in Madagascar, and in one onshore block in Somaliland. We continue to work with our joint venture partners to deliver exploration programs for all of these blocks to test for hydrocarbon potential."

Sterling also reported that net production from the Chinguetti field averaged 400 barrels of oil per day for the first quarter of 2014 (1Q 2013: 568 bopd), reflecting normal field decline and 10 days of no production during scheduled maintenance work.

The firm made a post-tax profit of $489,000 in the first quarter and had cash of $121.3 million at the end of March.

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