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Sterling Energy sells Peripheral USA assets


Published Jun 2, 2008
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Sterling Energy sells Peripheral USA assets

Sterling Energy, an AIM listed independent oil & gas exploration and production company with interests in the Gulf of Mexico, Africa and the Middle East, declares the completion of its sale of a non-operated interest in a waterflood project in New Mexico for $5 million.

This sale helps to focus Sterling’s USA portfolio on to the Gulf Coast area ahead of the previously announced plan to dispose of all of its USA assets. This asset accounted for approximately 1% of current USA production. It had a bank loan value of almost $0.5 million, which will be repaid from the proceeds.

Tags: Sterling Energy, waterflood project




   

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