Petro Ventures set to farm into Dutch North Sea blocks

Offshore staff

CALGARY, Canada – Sterling Resources Netherlands has signed a farm-out agreement with Petro Ventures Netherlands covering licenses within the F and L Quads in the Dutch North Sea.

Subject to approvals, the partnership will be: Sterling Netherlands, operator (25% interest); Energie Beheer Nederland (40%); Petro Ventures Netherlands (25%); and Grove Energy (10%).

The agreement takes in the shallow parts of blocks F14, F16, F17a, and F18 in the F-Quad and L01b in the L-Quad. It covers a total of 1,550 sq km (598 sq mi), 80 km (49.7 mi) offshore, in a water depth of 45 m (147 ft).

Sterling says the blocks contain four oil discoveries and an appraisal well should be drilled this fall in block F17. Consultants RPS Energy estimate resources across the blocks in the range 31.5-38.9 MMbbl.

Petro Ventures Netherlands is an affiliate of Petro Ventures International, a privately-owned company registered in Western Australia.

09/19/2011



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