KRG Nominates Korean Company for Interest in Sangaw North Block

Sterling noted the announcement by the Kurdistan Regional Government of Iraq, which has nominated the Korean National Oil Company to receive the Third Party Interest allocation of 20% in the Sangaw North Block.  

Sterling entered into a Production Sharing Contract with the KRG in respect of the Sangaw North exploration Block, Kurdistan on November 10, 2007. As previously announced, Sterling's initial 100% interest in the PSC was subject to back-in rights for the KRG and a Third Party.  Following the allocation of the Third Party interest to KNOC, Sterling's interest in the Block will be 80%.