Sterling Issues Interim Management Statement for 2012

Source: www.gulfoilandgas.com 4/19/2012, Location: Africa

Sterling Energy Plc is issuing its Interim Management Statement for the period beginning 1 January 2012. Angus MacAskill, Sterling’s Chief Executive, said: “The Company continues with its focus on expanding the existing exploration portfolio and, having materially strengthened our technical team, we have been evaluating a number of potentially attractive opportunities. We also await resolution of the external constraints that continue to delay the drilling of exploration wells on our attractive deep water exploration acreage in Cameroon and Madagascar. We are confident these constraints will be removed but can give no specific timetable.”

First quarter 2012 production from the Chinguetti field net to Sterling totalled 36,529 barrels, an average of 401 barrels of oil per day, compared to 629 bopd for the same period in 2011. Production in the period was reduced due to two operational interruptions to the supply of gas from the adjacent Banda field that is used for artificial lift in Chinguetti field production wells. Production was shut down in the period between 26 January and 11 February due to a hydrate blockage in the gas pipeline connecting Banda to Chinguetti; this blockage was cleared prior to re-starting production. Production was also shut down in the period 22 March to 30 March due to a failure in the subsea instrumentation controlling the operations of the gas well in the Banda field; the flow of gas from this well was reinstated on 31 March.

Production is stored on location in the floating production storage and offloading vessel (FPSO) until a suitable volume is accumulated which is then sold and transported away by sea tanker. A single cargo was sold in the period, with loading taking place in January 2012.

There are no approved plans for further development of the Chinguetti field.


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