Search results for: Sterling Resources

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  • 13 October 2015
    Business & Finance

    Sterling Resources, a Canadian-listed energy company with assets in the UK North Sea, has welcomed Ineos’ acquisition of the North Sea gas field from Russian billionaire Mikhail Fridman’s LetterOne group. The assets include an operated 70 percent interest in the producing Breagh field, of which Sterling holds the remaining 30 percent. The purchase by Ineos brings […]

  • 17 May 2017

    Canadian energy company Sterling Resources has completed the sale of its UK operating subsidiary to Dutch exploration and production company, Oranje-Nassau Energie B.V. (ONE). To remind, Sterling Resources in early March entered into a definitive agreement with ONE for the sale of its subsidiary, Sterling Resources UK Holdings Ltd. (SRUK). The company has interests in the […]

  • 16 June 2015
    Business & Finance

    Sterling Resources Ltd. has announced the transfer of its 40 percent interest in Block 27 Muridava in the Romanian Black Sea to Petroceltic Resources PLC. According to Sterling Resources, approval of the transaction has been received from the National Agency for Mineral Resources (NAMR) of Romania. Non-material consideration for the transaction will be received plus […]

  • 13 April 2012
    Business & Finance

    Sterling Resources Ltd.  announces that the Cladhan South exploration well, 210/29c-5 , located in the northern North Sea (UK) will be plugged and abandoned. The well was drilled to a measured depth of 10,361 feet and encountered multiple Upper Jurassic sand channels on prognosis, none of which was thought to be hydrocarbon bearing. The well […]

  • 6 March 2017
    Business & Finance

    Canadian energy company Sterling Resources is selling its UK operating subsidiary to a Dutch exploration and production company, Oranje-Nassau Energie B.V. (ONE), for $113 million.  Sterling Resources announced on Friday that, together with its wholly‐owned subsidiary SRUK Holdings Ltd., it has entered into a definitive agreement with Oranje‐Nassau pursuant to which ONE has agreed to acquire from SRUK Holdings the entire […]

  • 5 March 2012
    Business & Finance

      Sterling Resources Ltd. on behalf of its wholly-owned subsidiary Sterling Resources Netherlands BV, announces the joint award of exploration licenses E3 and F1 in the Dutch North Sea. These licenses, covering 792 square kilometres (396 square kilometres per block), are located in the northern sector of the Dutch North Sea and have been awarded […]

  • 26 November 2010
    Business & Finance

    Sterling Resources Ltd. announces that approval has been received from the Dutch authorities to transfer to Sterling interests in five licenses within the F-Quad and L-Quad areas offshore Netherlands. With this license transfer process completed Sterling Resources Netherlands BV will hold a 50 percent interest in the shallow geological horizons in blocks F14, F16, F17, […]

  • 30 December 2013

    Sterling Resources announced the restart of Breagh production on December 27, 2013. This follows a period of approximately seven weeks shut-in as a result of a significant production incident on November 7th. The investigation into the production incident continues with an expected completion date at the end of January 2014. However, interim feedback from the […]

  • 14 November 2012
    Business & Finance

    Sterling Resources Ltd. announced that John P. Collenette has been appointed to Sterling’s Board of Directors, effective November 13th, 2012. Collenette has more than 30 years of experience in finance and commodity trading, most recently as a senior finance executive with Vitol Services Limited. He retired from this position in 2011. Collenette is a resident […]

  • 13 February 2013

    Vitol Anker International B.V., a wholly owned subsidiary of The Vitol Group, announced that it intends to make an offer to buy all of the outstanding common shares of Canada’s oil company Sterling Resources Ltd., not beneficially owned by Vitol Anker and its affiliates, for cash consideration of $0.85 per share in a transaction which […]

  • 18 November 2011
    Business & Finance

    Sterling Resources Ltd. confirmed that the company received formal approval from the Romanian National Agency for Mineral Resources (NAMR) for the assignment of equity to partners and confirming the term of the offshore license. The execution of this documentation follows the announcement made by the Company on October 27th indicating that an amicable agreement has […]

  • 28 October 2011
    Business & Finance

    Sterling Resources Ltd. announced , in response to statements made yesterday by the Ministry of the Economy, Trade and Business Environment (MECMA) in Bucharest Romania, that the Company has reached agreement with the Government of Romania on a package of issues that will resolve the notice of dispute filed on June 20th, 2011. At a […]

  • 12 January 2015
    Business & Finance, Equipment

    Sterling Resources, a Canadian-listed international oil and gas company headquartered in Calgary, Alberta has said it will reduce its exploration activity. In a statement issued today the company said that in order to address the impacts of the worsening industry environment and ongoing financing challenges, Sterling is shifting its strategy to focus on UK production and tax […]

  • 29 November 2012

    Sterling Resources Ltd. has signed a deal with  Shell to farm out a 40 percent participating interest in UK License P1792 covering Blocks 21/30f and 22/26c in the Central North Sea containing the Beverley prospect and the Belinda and Evelyn discoveries. Sterling was awarded these blocks in the UK 26th Offshore Licensing Round. Under the […]

  • 30 August 2010

    Sterling Resources Ltd.announced the successful drilling of the Cladhan sidetrack well located on Block 210/29a in the United Kingdom North Sea, some 225 miles north east of Aberdeen, Scotland, in 536 feet water depth. Sterling holds a 39.9% interest and is the operator of the License P1064. Partners are Wintershall (UK North Sea) Ltd 33.5%, […]

  • 2 December 2013
    Business & Finance

    Sterling Resources Ltd. announces that it has been successful in the UK 27th Offshore Licencing Round awards (second tranche), which were recently announced by the UK Department of Energy and Climate Change (DECC). Sterling has been informed by DECC of the successful award of a licence covering Blocks 42/2(split), 42/3(split), 42/4, 42/5 & 36/30, which […]

  • 19 July 2011
    Project & Tenders, Research & Development

    Sterling Resources Ltd. (“Sterling” or the “Company”) announces that it has signed a loan facility agreement (the “Facility”) with a group of banks for a GBP 105 million senior secured loan for the Phase 1 development by its wholly-owned subsidiary, Sterling Resources (UK) Ltd, of the Breagh gas field in the UK Southern North Sea […]

  • 4 March 2011
    Business & Finance

      Sterling Resources Ltd.  is pleased to announce the successful drilling of appraisal well 42/13a-6 in the Breagh Field located in the United Kingdom Southern North Sea. Sterling holds a 30% interest in the Breagh field, with RWE Dea, the operator holding the remaining 70% interest. The well was drilled to a measured depth of […]

  • 19 March 2012
    Business & Finance

    The well is being drilled by the Sedco 704 semi-submersible rig and is anticipated to take 35-40 days to complete.

  • 12 March 2015
    Exploration & Production, Project & Tenders

    Sterling Resources Ltd. has announced that the second oil production well (P2) in Cladhan field, in the UK North Sea, is currently being completed with the drilling rig expected to demobilize within the next two weeks.  According to Sterling, the well encountered a reservoir section which was thinner than expected. Work to tie in the […]

  • 22 July 2010

    Sterling Resources Ltd.,  provided an operational update regarding its current drilling activities in the United Kingdom North Sea. Blakeney The Ocean Nomad rig is under contract and should commence drilling at the Blakeney exploration well located in Block 21/27b of the Central North Sea within the next few days. This first well in the block, […]

  • 13 December 2013

    Sterling Resources Ltd. has announced the GSP Prometeu jack-up rig scheduled to drill an exploration well on the Muridava Block 27 has returned to its operations base in Constanta for completion of necessary maintenance work.