Our strategy is built around the people in Sterling - excellent people with relevant experience who add value. Sterling has assembled a first class team of oil and gas experts with a strong technical and commercial capability.
Our aim is to build a profitable oil & gas company which has exciting exploration potential. We are looking to grow the company both in size and value per share. To achieve this we are doing three things:
Buying production with appraisal and development potential
Acquiring low cost exploration licenses with substantial upside
Taking advantage of corporate opportunities which fit our profile
Sterling's business model has been to build a production portfolio generating cash flow which can fund an exploration programme with significant upside potential.
The Board of Sterling has
recently undertaken a comprehensive strategic review of the Company's assets
and prospects and has concluded that it would be in shareholders’ best
interests to sell the U.S.
business. The Board believes that the U.S. business has grown to a size
that makes it attractive to prospective buyers. The company is focusing its exploration effort in Africa where an active programme of drilling is underway with two exploration wells scheduled by the end of 2008, one on the Iris Marin licence in Gabon and the second in the AGC Dome Flore licence. In addition to this, regular exploration and development drilling is undertaken in the US portfolio both onshore and offshore with the objective of substantially increasing production and reserves. In Mauritania, an additional two development wells are expected to be drilled on Chinguetti in 2008.
The objective for Sterling is to create maximum value for shareholders while taking into account the risks of the business.
