Further to the Company’s announcement on July 7, 2008, Sterling has confirmed that the ICM-1 well, in the Iris Marin permit offshore Gabon, has been drilled to a depth of 1,640 meters.
Sterling has a 32% interest in the license following a recent farmout to Addax Petroleum. Approximately 18% of Sterling's costs in the well are being paid by Addax Petroleum.
The ICM-1 well is located 12 kilometers southwest of the Gamba field in 25 meters of water and was drilled using Hercules Offshore's jackup rig Hercules 156.
The reservoir was encountered as planned, but was found to be water bearing, and the well is therefore being plugged and abandoned.
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