Sterling Resources Ltd. reports that mapping of the current 3D seismic dataset over the western portion of
Block 210/30 by Sterling's consultants, RPS Troy-Ikoda, has been completed.
The results substantiate and enhance the previous analysis of 2D seismic data
that indicated there are three untested structures in the Middle Jurassic
Brent formation in the northern part of the block with the largest being
approximately 5 sq km in size. Of further and particular interest, is the
result of mapping high amplitude anomalies identified within the Upper
Jurassic sequence. This work resulted in a series of well-defined features
interpreted as debris flow deposits, which are draped over the largest of the
Brent structures. Work to date on amplitude modelling by Sterling's
consultants, Ikon Science, indicates the potential for substantial hydrocarbon
bearing sands. The high amplitude bodies also cover an area of approximately
5 sq km and, like the underlying Brent structures, have never been tested.
With these positive results, Sterling (60%) and its partner Virgo Energy
(40%) have concluded that there is a sizeable drillable prospect with two
targets and will begin the process to bring in an industry partner through
farmout of a portion of their current interests.
Awards of licenses by the UK Government in the 22nd Offshore Licensing
Round, which closed June 4, are expected to be announced shortly. Sterling
made multiple applications for promote licenses in this Round.