Sterling Resources has announced updated Contingent and Prospective Resource numbers (100 percent) for the Cladhan discovery (UKCS Blocks 210/29a and 210/30a) as a result of recently announced drilling success of two sidetracks from the original discovery well 210/29a-4. These Contingent and Prospective Resource figures (100 percent) have been evaluated by RPS Energy as at October 15, 2010.
P50 Contingent Resources have increased from 30 million barrels Oil in Place (OIP) to 89 million barrels OIP.
P50 Prospective Resources have increased from 65 million barrels OIP to 93 million barrels OIP in the previously assessed terrace area. An additional 74 million barrels OIP of P50 Prospective Resources is attributable to an area off the terrace and in a fan system to the east previously not assessed by RPS Energy.
'These revised Contingent and Prospective Resources numbers independently confirm the magnitude of our recent drilling successes at Cladhan,' stated Mike Azancot, Sterling's President and CEO. 'The significant upward revisions from just two new data points in high quality sands in which we have yet to find an oil water contact indicate the large potential for Cladhan. Additional drilling will be required to further delineate the size of this discovery,' added Mr. Azancot.
Subject to the completion of site survey work already in progress, conclusion of the rig selection process and regulatory approval from the UK Department of Energy and Climate Change (DECC), the Company anticipates performing another drilling campaign at Cladhan during the first quarter of 2011. The Company is also initiating evaluation work for potential development scenarios.
Sterling is the operator of Cladhan (Licence P1064) and holds a 39.9 percent working interest through wholly-owned Sterling Resources (UK) Ltd. The other partners are Wintershall (UK North Sea) with a 33.5 percent working interest, Encore Petroleum with a 16.6 percent working interest and Dyas UK with a 10 percent working interest.
Source: Sterling Resources
www.energy-pedia.com/article.aspx