Sterling Energy has issued its Interim Management Statement for the period beginning 1 July 2011.
Angus MacAskill, Sterling's Chief Executive, said:
"We are pleased with the progress made towards introducing a partner to the Ntem block in Cameroon and expect to complete the process by the end of 2011.
"Following the disappointing results of the Sangaw North-1 well in Kurdistan, we continue to integrate all the information from the well to determine the remaining potential of the block.
"The focus for the Sterling organisation is the acquisition of new ventures whilst remaining ready to progress our existing assets once the in-country situations allow."
Regarding the companies operations in Iraqi Kurdistan, the company said:
In the Sterling operated Sangaw North block, the Sangaw North-1 well was plugged and abandoned and the drilling rig was demobilised from the location. Activities commenced to reinstate the well site location, consistent with industry practice.
The Company is integrating the seismic, drilling, logging, and testing information to update the geological interpretation and determine the future potential of the block, prior to making recommendations to the joint venture group regarding future activities.
The first sub-period of the exploration phase of the Production Sharing Contract ("PSC") for the Sangaw North Block ends in November 2011. The second, and final, sub-period of the exploration phase of the PSC has a duration of 2 years. The drilling of the Sangaw North-1 well has already fulfilled the work commitment for the second sub-period.
(Source: Sterling Energy)