Well design and the approval process for the 42/13-3 well continues. The required site survey has been commissioned and is scheduled to be completed during the first quarter. The well will be drilled up dip from a 1997 discovery in the Carboniferous on a significant structure mapped by Sterling's consultants. Sterling currently retains a 75% working interest in the Block, having farmed out 25% to Grove Energy, and may farm out additional interest prior to drilling. Continued mapping of Sterling's other Southern North Sea Blocks has firmed up a significant Bunter formation prospect in Block 42/19. The potential for a multiple well program is being pursued with possible farm in partners and included in the turnkey drilling discussions with the contractor ADTI, a subsidiary of GlobalSantaFe.
Technical work on the remaining Blocks acquired in the 22nd Round is virtually complete and all opportunities were exhibited at a recent "Prospect Fair" in London. Interest was high and farm out discussions with multiple parties are being held on each of the remaining 22nd Round assets.
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