Sterling Begins Preparations to Drill Cetatuia Well
Onshore Romania, a comprehensive contract was signed with South Craiova Drilling for the permitting, surveying, road building, location preparation and drilling of the Cetatuia well. Activities are underway, the permitting and surveying are proceeding and once all the various permits have been received, road building will commence. The winter has been unusually snowy and cold in Romania and wet conditions may affect the pace of road building. Currently, the well is expected to spud late April.
The Cetatuia well is the first to be drilled on Sterling's 1.5 million acre onshore Romanian Concession and will test a multi-target prospect in the northeast portion of the acreage. Sterling has a 60% working interest and is operator.
Offshore United Kingdom, discussions are underway with a potential farmee on Blocks 210/25b, 210/29 and 210/30. As previously announced geological and geophysical work on Block 210/30 has resulted in a sizeable drilling prospect with two targets. The Blocks also contain a number of other prospects and leads both in the Upper Jurassic and Brent formations.
Technical work is almost complete on two of the recently awarded United Kingdom Blocks. Geological mapping on Block 21/23a (Sterling 100%) in the Central North Sea of the United Kingdom, which surrounds the Pict field, has resulted in two prospects in the Eocene Tay Sand and a Palaeocene lead.
Evaluation of Block 42/13 (Sterling 100%) in the Southern Gas Basin of the United Kingdom North Sea is indicating the potential for significant reserves in a large structure. The work also included analyses of the test results of the 1997 gas well drilled on the Block. This work indicates the potential to achieve significantly higher production rates than that tested from a 66 foot net interval in the 400 foot gas column encountered by the well.
Sterling will soon begin the process of bringing in an industry partner on both Blocks 21/23a and 42/13.
Geological and geophysical work on the other United Kingdom Blocks recently acquired is proceeding well and is expected to be completed by mid year.
Sterling Resources Ltd. is an international oil and gas company headquartered in Calgary, Alberta.
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