Sterling (symbol: SEY), an AIM listed independent oil & gas exploration and production company with interests in the Gulf of Mexico, Africa and the Middle East, announces the completion of its sale of a non-operated interest in a waterflood project in New Mexico for $5 million.

This sale helps to focus Sterling’s USA portfolio on to the Gulf Coast area ahead of the previously announced plan to dispose of all of its USA assets. This asset accounted for approximately 1% of current USA production. It had a bank loan value of almost $0.5 million, which will be repaid from the proceeds.
 

Sterling Energy Plc (+44 20 7405 4133)         
Graeme Thomson
Harry Wilson

Evolution Securities (+44 20 7071 4300)
Rob Collins

Citigate Dewe Rogerson (+4420 7638 9571)
Media enquiries: George Cazenove
Analyst enquiries: Kate Delahunty

In accordance with the guidelines of the AIM Market of the London Stock Exchange, Harry Wilson, BSc (Hons) Physics (1973), Executive Deputy Chairman of Sterling Energy Plc, who has been involved in the oil industry for over 33 years, is the qualified person that has reviewed the technical information contained in this press release.