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.

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