Shares in Sterling Energy rose 3.7% on Thursday following the publication of its interim management statement. In the statement, the company made the following commentary on its operations in Iraqi Kurdistan:
The second, and final, sub-period of the exploration phase of the Sangaw North PSC commenced in November 2011 and has a duration of 2 years. The drilling of the Sangaw North-1 well, completed in 2011 and which encountered non-commercial gas, has already fulfilled the work commitment for the second sub-period.
Following the integration of the 2D seismic acquired in 2009 and the Sangaw North-1 well information within the geological interpretation, the joint venture partners have elected to acquire additional 2D seismic data to better define a possible secondary target along the flank of the main structure.
The Company has completed tendering for seismic acquisition services and is ready to award a contract, subject to the approval of the Ministry of Natural Resources. The Company plans to acquire the 2D seismic data during the second and third quarter of 2012 and this may lead to the drilling of an exploration well in 2013.