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Sterling Energy Provides Drilling Update on Iris Charlie Marin-1, Exploration Well, Offshore Gabon

Source: www.gulfoilandgas.com 7/7/2008, Location: Africa

Sterling announced the Iris Charlie Marin-1 (ICM-1) exploration well, in the Iris Marin PSC, offshore Gabon spudded on 5th July 2008. Sterling has a 32% interest in the licence following a recent farmout to Addax Petroleum. Approximately 18% of Sterling's costs in the well are being paid by Addax Petroleum.

The ICM-1 well will target the Charlie Prospect, estimated to contain reserves of 20-40 mmbo in the Gamba Sandstone formation. The well is located 12 kilometres southwest of the Gamba field in 25 metres of water and will be drilled using Hercules Offshore's jack-up rig Hercules 156.

Chief Executive, Graeme Thomson said: "This is an exciting exploration well for Sterling; the Charlie Prospect has significant upside and in the event of success, a number of nearby prospects will be significantly enhanced. We anticipate reaching target depth in late July and reporting to shareholders soon after."

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