Sterling Resources Ltd. provides an update on Breagh field operations and Cladhan field development, reserves and valuation. Sterling is also delivering an updated corporate presentation at the Pareto E&P conference today.
Since the beginning of the year, Breagh production has averaged 126 million cubic feet of gas per day ('MMscf/d') sales gas (38 MMscf/d net to Sterling) with production uptime of 95 percent during this period. Key to this performance has been the continued excellent performance of the two hydraulically stimulated wells A07 and A08, contributing approximately 45 percent of the average daily performance of the Breagh field and already contributing 20 percent of the cumulative production from October 2013 to date, although only commencing production in the second half of 2014. Current production rates are remaining stable at around 125 MMscf/d sales gas for the field (38 MMscf/d net to Sterling).