Search results for: Sterling

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  • 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 […]

  • 2 May 2011
    Business & Finance

    Sterling Resources Ltd.  has filed a Notice of Default with the National Agency of Mineral Resources (“NAMR”) as a result of NAMR’s failure to grant license assignments to Sterling’s farm in partners Petro Ventures Europe BV and Gas Plus International BV  for a 20% and 15% license holding respectively on its Midia and Pelican Blocks […]

  • 17 February 2011
    Business & Finance

     Sterling Resources Ltd. announces that drilling is expected to commence within the next few days at both Cladhan (Blocks 210/29a & 210/30a) and Grian (Block 48/28b) in the UK North Sea, as drill rigs are currently being towed to the respective sites. At the Cladhan discovery, at least one well and a sidetrack will be […]

  • 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 […]

  • 19 August 2008

    Sterling Resources has agreed a deal to acquire an additional 40% working interest in the 1.5 million acre South Craiova Block E III-7 onshore Romania. The agreement allows for the transfer of Grove Energy’s share in the concession to Midia Resources SRL, a wholly owned subsidiary of Sterling. “With a return to a 100% working […]

  • 28 April 2016

    Sterling Energy, an oil and gas exploration company, has issued a notice of withdrawal from the Ambilobe block, offshore Madagascar, to its joint venture partner Pura Vida Mauritius. Sterling is the operator of the Ambilobe block that is located in the Ambilobe deep water basin, offshore north-west Madagascar. Sterling holds 50% interest in the block and […]

  • 23 April 2015
    Project & Tenders

    Sterling Energy has received notice from Société Nationale des Hydrocarbures (SNH) that the First Renewal Period of the Ntem Concession, offshore Cameroon, has expired on April 22, 2015 and that the Ntem Concession has lapsed. However, according to Sterling, the First Renewal Period has not expired. Namely, after drilling the Bamboo-1 well, an assessment of remaining prospectivity of […]

  • 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 […]

  • 2 November 2017

    Tullow Oil is looking to exit the Block C-10 offshore Mauritania by the end of November.

  • 9 April 2015
    Business & Finance, Project & Tenders

    Murphy Cameroon Ntem Oil Co., Ltd (Murphy) will transfer its 50% interest in, and operatorship of, the Ntem Concession, offshore Cameroon to Sterling Energy’s subsidiary Sterling Cameroon Limited (Sterling). Ministerial approval of the Transaction has now been granted and will, in due course, be formally ratified by way of Presidential decree, Sterling Energy said in the press statement. Under […]

  • 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 […]

  • 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 […]

  • 10 February 2014

    Murphy Cameroon Ntem Oil Co. Ltd (“Murphy”), has started drilling operations on the Bamboo-1 well using the Ocean Confidence, a fifth generation semi-submersible drilling rig. The news has been reported by Sterling Energy Plc, a partner in the field. The well, located approximately 56 kilometres from the coast of Cameroon, has an estimated target depth […]

  • 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 […]

  • 17 February 2015

    Sterling Energy Plc will acquire a 50% interest and operatorship of an offshore Cameroon concession from Murphy Cameroon Ntem Oil Co. Sterling has explained that no consideration is payable for the transfer of Murphy’s interest in the Ntem concession. Completion of the transaction remains subject to Cameroon Ministerial approval. Following completion, the Ntem Concession will be […]

  • 18 January 2016
    Project & Tenders

    Swiss company Ineos Group is looking to reduce further investments in the Breagh gas field in the UK North Sea causing a delay in the restart of drilling activities on the field.  Ineos is the operator of the field with 70% interest. According to Sterling Resources, a Canadian-listed oil and gas company and a partner […]

  • 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 […]

  • 31 May 2012
    Business & Finance

    Sterling Resources Ltd. has trough its subsidiary in Romania, Midia Resources SRL (“Midia”), entered into a contract with Grup Servicii Petroliere SA (“GSP”) for the drilling of offshore exploration wells “Ioana” in Block XV Midia and “Eugenia” in Block XIII Pelican.   Midia, on behalf of Sterling and its approved joint venture partners Petro Ventures […]

  • 19 February 2014

    Sterling Resources has informed that Jacob S. Ulrich, previously Chair and Interim CEO, has been appointed by the board of directors of the Company s permanent CEO with immediate effect. The company added that, to ensure the most effective corporate governance, Ulrich has stepped down as Chair of the Company and  James H. Coleman has […]

  • 29 January 2014

    Sterling Resources Ltd. has completed the sale of its 65 percent interest in a portion of the Midia Block in the Romanian Black Sea to ExxonMobil and OMV Petrom S.A. Proceeds of US$29.25 million are due to be received by Sterling within seven days and are subject to Romanian profits tax at a rate of 16 percent. […]

  • 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 […]

  • 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 […]