Sterling Plugs and Abandons Second Well in Gabon Drilling Program

Sterling announced that the THAM-1 well, Themis Marin, was drilled to its target depth of 1,330 meters in 11 days, on budget. The reservoir target was encountered low to prognosis with limited hydrocarbon shows, and the well is now being plugged and abandoned.

Sterling has a 28.5% interest and had partially farmed out its interest in the well and thus paid only 10.5% of the approximately $13.5 million well costs.

The second well in the Gabon drilling program, ICM-1, is scheduled to spud in April in the Iris Marin license (Sterling 50% interest). This well has much higher potential upside and is targeting gross reserves of 11-40 million bbls.