CALGARY, March 18 - Sterling Resources Ltd. (TSX-V: SLG) is pleased to announce that, on behalf of the P1064 partnership, it has contracted a rig to drill the Cladhan Prospect on block 210/29 in the UK Northern North Sea. ADTI has secured the services of the semi-submersible rig SEDCO 704 for a multi-client program and Sterling has the first well slot which is scheduled to start in mid-September 2008, depending only on the release date from the rig's current operations. ADTI, a division of Transocean, specializes in well management and turnkey operations and the Cladhan well will be drilled on a turnkey basis.
As previously announced, Revus farmed-in to the 210/29 and 30 part-blocks and will fund 50-percent of the well costs up to a cap of UK pnds stlg 10-million and pay its working interest share of 33.5-percent thereafter. Sterling currently retains a 39.9-percent interest in the blocks but may farm down additional interest before spudding the well. The Cladhan prospect targets Upper Jurassic channel sands with the potential for significant oil in place and is in an area with significant nearby infrastructure.
Sterling is also pleased to announce the addition of Mr Patrick Whitley to its management team in the UK. Pat, who joins us as Vice President Exploration (International) had a long and successful career with Conoco, before spending the past four years in the early growth stages of Faroe Petroleum. In his new role, Pat will oversee the G&G component of all Sterling's Exploration and Development activity in Romania and surrounding region. We are also pleased to welcome Martin O'Donnell to our UK staff. A petroleum engineer, Martin joins us from Canadian Natural Resources and will report to John Rapach with respect to the Company's ongoing well operations and appraisal and development planning.
Sterling Resources Ltd. is an international oil and gas company headquartered in Calgary, Alberta.
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Sterling Resources or contact either: Stewart G. Gibson, Chief Executive Officer, Phone: 44-133082-6717, Mobile: 44-7768-042219,
stewart@sterling-resources.co.uk; or Ian Hornby-Smith, Chief Financial Officer, Phone: (403) 215-9264, Fax: (403) 215-9279,
ian@sterling-resources.com