Sterling Resource Wraps Up 3D Survey in UK

Sterling Resources Ltd. reports that mapping of the current 3D seismic dataset over the western portion of Block 210/30 by Sterling's consultants, RPS Troy-Ikoda, has been completed. The results substantiate and enhance the previous analysis of 2D seismic data that indicated there are three untested structures in the Middle Jurassic Brent formation in the northern part of the block with the largest being approximately 5 sq km in size. Of further and particular interest, is the result of mapping high amplitude anomalies identified within the Upper Jurassic sequence. This work resulted in a series of well-defined features interpreted as debris flow deposits, which are draped over the largest of the Brent structures. Work to date on amplitude modelling by Sterling's consultants, Ikon Science, indicates the potential for substantial hydrocarbon bearing sands. The high amplitude bodies also cover an area of approximately 5 sq km and, like the underlying Brent structures, have never been tested.

With these positive results, Sterling (60%) and its partner Virgo Energy (40%) have concluded that there is a sizeable drillable prospect with two targets and will begin the process to bring in an industry partner through farmout of a portion of their current interests.

Awards of licenses by the UK Government in the 22nd Offshore Licensing Round, which closed June 4, are expected to be announced shortly. Sterling made multiple applications for promote licenses in this Round.