Shell to fund Sterling’s costs for North Sea Beverley well

Offshore staff

CALGARY, Canada – Sterling Resources has agreed to farm out to Shell U.K. a 40% stake in license P1792 in the central North Sea.

The concession, awarded to Sterling under the UK’s 26th licensing round, covers blocks 21/30f and 22/26c, containing the Beverley prospect and the Belinda and Evelyn discoveries.

Shell will cover Sterling’s costs with respect to 3D seismic acquisition and an exploration well on Beverley. Sterling, which will continue to hold a 20% interest, will remain as operator for the well. The other 40% is held by Valiant Petroleum.

“The Beverley prospect is associated with possibly the last undrilled salt diapir in the central North Sea and we believe it has significant potential given the drilling results of other analogous salt diapir structures in the Gannet area,” said David Findlater, Sterling’s vice president of UK Exploration.

“Success could add to the existing Evelyn and Belinda discoveries to create a possible producing hub. The farm-out agreement with Shell brings in a partner with regional knowledge…”

12/05/2012

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