Sterling Resources says that in the UK North Sea, the Sedco 712 semisub is currently drilling the last exploration well before it moves to drill the "Constance" prospect on Block 21/23a. The rig operator, Oilexco, estimates a start date of early February. Sterling will pay 5% of the well cost and retains a 35% working
interest in Block 21/23a after farm out to Oilexco. The target is an Eocene Tay sand channel analogous to the neighboring Pict Field and Saxon Discovery.
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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