Sterling Resources Wins UK Offshore Licenses

Sterling reports that its wholly owned subsidiary, Sterling Resources (UK) Ltd., has been offered a total of seven Blocks in the UK Offshore 23rd Licence Round. The new Blocks supplement the Company's current position in each of the Northern North Sea, Central North Sea and Southern North Sea. Sterling operates all Blocks and its working interest ranges from 50% to 100%.

All Blocks have been offered as Promote Licences with reduced licence fees for the first two years and work commitments in general involving the purchase of existing seismic data and geological and geophysical studies to firm up the currently identified prospects and leads. Prior to applying for these Blocks, Sterling, through an agreement with Western Geco, had access to modern seismic data over the areas.

Block 211/11b, is located in the Northern North Sea between the Magnus and Otter fields. Sterling has a 100% working interest. Work to date has identified potential in each of the Magnus and Brent Jurassic Sandstone intervals and the underlying Triassic Lomvi Sandstone.

Blocks 21/22 and 21/28b are located in the Central North Sea. Sterling operates the Blocks and has a 50% working interest. Leads have been identified within the Eocene Tay sands and in the Upper Jurassic Fulmar Formation.

The four Blocks 42/8, 42/9, 42/12 and 42/14 are located in the Southern North Sea and surround the large gas prospect on Sterling's neighbouring 42/13 Block. Sterling is operator and has a 75% working interest. The potential within Block 42/12, to the west, has been defined as part of the 3D evaluation of the 1997 discovery well on Block 42/13. Blocks 42/8, 42/9 and 42/14 to the north and east of Block 42/13 contain potential extensions of the main prospect as well as several other leads.

With these awards, Sterling now has interests in 17 offshore UK Blocks

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