Sterling Resources Ltd. is pleased to announce the execution of an agreement with Enquest PLC under the terms of which Sterling will acquire Enquest’s 10% interest in its F-Quad and L-Quad licences in the Dutch North Sea, and Enquest will acquire Sterling’s 50% interest in the Cairngorm licence (Block 16/3d) in the UK North Sea. The agreement is subject to regulatory and partner approval.
Following closing of the agreement, Sterling Resources Nederlands BV, a wholly owned subsidiary of Sterling Resources, will now as operator hold a 35% interest in the shallow geological horizons of blocks F14, F16, F17a, F18 and L01b. The other partners are Petro Ventures Netherlands B.V. with a 25% interest and EBN with a 40% interest.
The five blocks cover 1,550 square km located approximately 80 km offshore in a water depth of 45m. The shallow geological horizons of these blocks contain four oil discoveries, with several wells which tested oil at flow rates of up to 4,800 barrels per day with API gravities in excess of 30 degrees.
Earlier in 2012 Sterling drilled an appraisal well (F17-09) on Block F17a which confirmed, similar to what was observed in previous wells, an oil water contact (OWC) at approximately 2000 metres sub-sea and a 10 metre gross oil interval (6 metre net oil interval) within the Jurassic Schieland formation. Communication with previously drilled well F17-03 was also indicated with an updip potential resultant oil column of up to 120m.
