Sterling Spuds Marin-1 Offshore Gabon

Sterling has reported that the Iris Charlie Marin-1 (ICM-1) exploration well, in the Iris Marin PSC, offshore Gabon spudded on July 5, 2008. 

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 will target the Charlie Prospect, estimated to contain reserves of 20-40 mmbo in the Gamba Sandstone formation.  The well is located 12 kilometers southwest of the Gamba field in 25 meters of water and will be drilled using Hercules Offshore's jack-up rig Hercules 156. 
"This is an exciting exploration well for Sterling; the Charlie Prospect has significant upside and in the event of success, a number of nearby prospects will be significantly enhanced.  We anticipate reaching target depth in late July and reporting to shareholders soon after," said Chief Executive Graeme Thomson.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit