Sterling Energy not to drill second oil well in Kurdistan Region of Iraq

oil1Sterling Energy has announced that it will not drill a second exploration well in Sangaw North production sharing contract (PSC) in Kurdistan Region of Iraq due to insufficient oil data

Interpretation of the 2D seismic data over the 117km acquired in the Sangaw North PSC during 2012 indicated that the risked potential of a secondary target along the flank of the main structure, analogous to the recent discoveries made in adjacent acreage to the south east of the area, did not justify the cost exposure of an exploration well.

Based on this interpretation, Sterling Energy has decided not to drill in the contract area.

Following the closure of this operation, Sterling would no longer be operational in Kurdistan Region of Iraq.

Angus MacAskill, chief executive of Sterling Energy, said, "Licensing of the Sangaw North block early in the exploration of this area provided an attractive opportunity to explore this prospective region. We are naturally very disappointed to have been unsuccessful in our exploration efforts in the region."

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