Sterling Energy: Sangaw Well Drilling Ahead At 1,505 Meters

10th Jun 2010 11:01

LONDON (Dow Jones)--Sterling Energy PLC (SEY.LN), an AIM listed independent oil & gas exploration and production company with interests in Africa and the Middle East, announced Thursday its Sangaw North #1 exploration well is currently drilling ahead at 1,505 meters. MAIN FACTS: -Since May 7, two intermediate casing strings have been run; 13 5/8" casing was run and cemented with the casing shoe at 1,053 meters TVD (true vertical depth) and 9 7/8" casing was run and cemented with the casing shoe at 1,448 meters TVD. -The well bore is currently being drilled through the Shiranish horizon, the uppermost of the prospective Cretaceous aged formations in the Sangaw North prospect. -While drilling this section gas shows and drill cuttings with fluorescence have been observed, both are indications of hydrocarbons being present in the well bore. -The well plan is to drill through the Shiranish and then continue drilling to evaluate the prospectivity of the Kometan and Qamchuqa horizons in the Cretaceous and the deeper potential reservoirs in the Jurassic. -Shares at 0957 GMT up 35.50 pence, or 35.37%, at 145 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires June 10, 2010 06:01 ET (10:01 GMT)