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Sterling Energy Spuds ICM-1 Well in Gabon

07-09-2008

Sterling Energy, an AIM listed independent oil and gas exploration and production company with interests in the Gulf of Mexico, Africa and the Middle East, announces the Iris Charlie Marin-1 (ICM-1) exploration well, in the Iris Marin PSC, offshore Gabon spudded on 5th July 2008.

Sterling has a 32% interest in the licence following a recent farmout to Addax Petroleum. Approximately 18% of Sterling’s costs in the well are being paid by Addax Petroleum.

The ICM-1 well will target the Charlie Prospect, estimated to contain reserves of 20-40 mmbo in the Gamba Sandstone formation.  The well is located 12 kilometres southwest of the Gamba field in 25 metres of water and will be drilled using Hercules Offshore’s jack-up rig Hercules 156.