First Oil to Farm-in to Two Sterling Licenses in the U.K.

Sterling Resources Ltd. revealed that First Oil Expro Limited has exercised its option to farm into licenses PL 090 and PEDL 072 in the Wessex Basin, onshore UK. Under the option, First Oil will pay 37.5% of the first well to be drilled on either of the licenses. Sterling will retain half of its current 37.5% working interest in the licenses.

A well has been proposed by the operator on license PL 090 for the fourth quarter in the eastern portion of PL 090, close to the Wytch Farm oilfield. The well, to target the Bridport reservoir, will be the first in a series to follow the Bridport and Sherwood reservoirs westwards along the Wessex High.