Canada NewsWire via COMTEX News Network
("Sterling") (TSX-V:SLG) is pleased to report that drilling of the Ana-2 appraisal well in the Romanian Black Sea has commenced, and the well spudded on August 28, 2008. (Sterling 65 percent working interest). It is anticipated that the well will take 30 days to drill and a further 15 days should testing be completed. "This is an exciting appraisal well for Sterling in Offshore Romania," stated Stephen Birrell, Vice President (Romania) of Operations, "Following
our success in December 2007 with Ana-1 (previously referred to as Doina Sister), we return to drilling the Ana Gas Field to delineate the field with a 45 degree deviated appraisal well just under one kilometre northwest of the original Ana-1 discovery well. Success with this well will confirm our expectations for the field," continued Mr. Birrell.
Planning for this appraisal well started soon after the successful test of the Ana-1 well with the introduction to the Romanian Black Sea of two technologies utilized from operations in the United Kingdom Southern North Sea, Mud-Line Suspension technology (MLS) for suspending wells and drilling templates for pre-drilling wells prior to development. Both of these technologies prepare the way for the Ana wells to be used during the development of the field. Sterling intends to use the Ana-2 well for potential production, again preserving the well for future development using the MLS technology, and then eventually access both the Ana-1 and Ana-2 wells from the same platform.
"Since moving onto the Ana location we have been installing the drilling template which precisely spaces the wells and yesterday we successfully installed the drilling conductor through the template, permitting the potential future use of both wells," noted John Rapach, Vice President of Operations for Sterling. "Setting of the template in 69 metres of water was certainly a first for the Romanian offshore oil and gas industry. This operation required tremendous effort from our operations team in Romania to prepare the rig and then run to the sea bed and position the template. Sterling is particularly pleased to say that this successful operation was done both efficiently and without incident, which is a credit to the technical ingenuity of the entire team," stated Mr. Rapach.
Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania and France. The shares are listed and posted for trading on the TSX Venture Exchange under the symbol "SLG".
All statements included in this press release that address activities, events or developments that Sterling expects, believes or anticipates will or may occur in the future are forward-looking statements. In addition, statements relating to reserves or resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves and resources described can be profitably produced in the future.
These forward-looking statements involve numerous assumptions made by Sterling based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other-forward looking statements will prove inaccurate, certain of which are beyond Sterling's control, including: the impact of general economic conditions in the areas in which Sterling operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations. Readers should also carefully consider the matters discussed under the heading "Risk Factors" in the Company's Annual Information Form.
Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Sterling's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. These statements speak only as of the date of the press release. Sterling does not intend and does not assume any obligation to update these forward-looking statements except as required by law.
SOURCE: Sterling Resources Ltd.
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