Sterling Energy considering sale, placing

10th Aug 2009 14:37

Oil & gas exploration and production firm Sterling Energy said it is considering a number of options to secure its financing position, which includes the sale of the company or undertaking a "sizable" placing of new equity.The group noted the recent rise in its share price and said within the context of determining a long-term solution to its financing position, it is continuing to consider its strategic options. It said it is currently exploring a number of options including a sizeable placing of new equity at a "significant discount" to the current market price. "In addition, the company continues to hold discussions with interested third parties regarding the sale of assets or the sale of the company. Sterling emphasises that there is no certainty an offer for the company will be forthcoming," it added.