UPDATE: Sterling Resources Strikes Farm Out Agreement of UK License P1792; Stocks Down 2%

By MidnightTrader.com Staff,

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Sterling Resources Ltd. (SLG.V) has signed an agreement with Shell U.K. Limited to farm out a 40% participating interest in UK License P1792 covering Blocks 21/30f and 22/26c in the Central North Sea containing the Beverley prospect and the Belinda and Evelyn discoveries.

Under the agreement, Shell will cover Sterling's 20% remaining participating interest share of 3D seismic costs across the two blocks and Sterling's share of the costs of an exploration well on the Beverley prospect. Sterling will continue as operator for the exploration well.

SLG went down by 2% to 84 cents, moving closer to year low 66 cents.

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This article appears in: Investing Commodities
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