Sterling Resources Announces Results of Drilling in Dutch North Sea

Sterling Resources Ltd. on behalf of its wholly owned subsidiary Sterling Resources Netherlands BV, announces the preliminary results of appraisal well F17-09 in block F17a of the Dutch North Sea.

After reaching a measured depth of 2200 meters, provisional analysis indicates the well encountered a 10 meter gross oil interval (6 meter net oil interval) through interbedded sands with porosities averaging 24 percent, within the Jurassic Schieland formation. Results suggest an oil-water contact at approximately 2000 meters sub-sea, which is higher than anticipated but similar to that observed in previous wells in neighbouring compartments and indicates communication with the previously drilled F17-3 well, with an up-dip potential resultant oil column of up to 120 meters. No testing will be performed but other wells in neighbouring compartments, drilled in the early 1980s, tested oil at rates of up to 4,800 barrels per day and API gravities in excess of 30 degrees. The well is now being plugged and abandoned.

“These well results have been useful in identifying the Oil Water Contact (OWC) and in providing a better understanding of the trapping mechanism,” stated Stephen Birrell, Sterling’s Vice President and General Manager, Netherlands and France. “This will be important as we consider how to optimally develop this discovery as part of a greater F-Quad development, which also includes the F17-4, F18 discoveries and related exploration prospects. A number of development options are currently being worked on, along with the review of potential further appraisal drilling in the area,” added Mr. Birrell.

F17 is one of five licenses acquired by Sterling in November 2010. The partnership is composed of Sterling Resources Netherlands BV  as operator, holding a 25 percent working interest; EBN holding a 40 percent working interest; Grove Energy Netherlands (Enquest) holding a 10 percent working interest, and Petro Ventures Netherlands BV holding a 25 percent working interest (subject to final government approval). The other four licenses are F18, F16, L01b and F14, which have the same ownership structure.

Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, France and the Netherlands. The shares are listed and posted for trading on the TSX Venture Exchange under the symbol “SLG”.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Offshore Nieuws Staff , February 7, 2012