Sterling Picks Up Six Offshore UK Licenses

The UK Department of Trade and Industry ("DTI") has announced the results of the 24th Offshore UK Licensing Round. As operator, Sterling Resources (UK) Ltd. ("Sterling"), a wholly owned subsidiary of Sterling Resources Ltd., has been offered six licenses covering 13 blocks or part blocks. Sterling has a 100-percent working interest in five of the licenses (10 blocks or part blocks). In the sixth license, Sterling operates with a 40-percent working interest.

In the Southern North Sea, Sterling has increased its acreage holding in the Quad 42 area by adding Blocks 42/18, 42/2b, 42/3 and 42/4 (all 100-percent). The new blocks form a natural exploration extension in areas adjacent to the Breagh discovery where appraisal drilling is planned for 2007. Block 42/18 has a Carboniferous target in a fault block immediately south the Breagh discovery. Blocks 42/2b, 42/3 and 42/4 contain multiple Carboniferous fault blocks to the north of Breagh.

Also in the Southern North Sea, Blocks 48/18d, 48/23b and 48/28b (split) have been offered to Sterling and its partners, GB Petroleum Plc and Ginger Oil Company, who are both new entrants to the North Sea. Sterling has a 40-percent working interest and is operator. The blocks hold several Rotliegendes targets, one next to the existing discovery and two up dip from existing wells that encountered gas.

In the Central North Sea, Block 21/29d (100-percent Sterling) is located immediately to the east of Sterling's 21/28b block, adding to the Quad 21 core area. In addition to evaluating the Tay Sand channel systems mapped in the other Quad 21 blocks, Block 21/29d holds potential targets within the Palaeocene and Jurassic Sand intervals.

The final area offered (Sterling 100-percent) comprises two licenses (five blocks: 36/10, 37/6, 37/7, 37/12 and 37/13) in the area known as the Mid North Sea High. Technical evaluation was based on a regional study previously undertaken by PGL, independent petroleum reservoir consultants, in conjunction with the UK Offshore Operators Association and the DTI. The study shows the potential for reservoirs within the Carboniferous and Rotliegendes and possible Devonian aged sections. Although this area has not been actively explored, the Sterling blocks are located just to the north of a large tract of acreage acquired by a major oil company in the 23rd Offshore UK Licensing Round.

In December 2006, Sterling converted all of its 22nd Round areas from Promote to Traditional licenses, with the exception of Blocks 19/5b and 22/26b, which were relinquished. Taking into account theses changes and the new blocks offered, Sterling will now hold an interest in 16 licenses and 27 blocks in the UK North Sea.

Sterling Resources Ltd. is an international oil and gas company headquartered in Calgary, Alberta.

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