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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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| Sarantel A | LSE:SLG | London | Ordinary Share | GB00B9MRZS43 | 'A' ORD 0.01P |
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| 05/1/2022 | 10:03 | Sterling Resources Ltd - Moderated | 1,006 |
| 05/12/2013 | 22:32 | Sarantel | 1,822 |
| 08/8/2010 | 13:53 | Sterling Resources Ltd | 22 |
| 15/4/2009 | 17:25 | Sarantel with Charts & News | 5 |
| 19/11/2007 | 19:12 | Sterling Resources | 7 |
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Posted at 27/3/2015 11:04 by ohisay Stockwatch today.Jake Ulrich's Sterling Resources Ltd. (SLG) added half a cent to 16.5 cents on 864,900 shares, its heaviest volume since October. It spent that month falling to 30 cents from 50 cents as investors fretted over its finances. Its main asset, the 30-per-cent-held Breagh gas field in the North Sea, had faced a delayed start-up, unexpected shutdowns and lower-than-modelled production over the past year. This was a problem because Sterling had issued $225-million (U.S.) of bonds in 2013 with the expectation that Breagh would do better. The bondholders cut the company some slack at a bondholder meeting last December, but a $32.7-million (U.S.) payment remained due to them at the end of this April, so Sterling began casting about for money. Options included the sale of part of Breagh or of non-producing assets in Romania. Today, Sterling announced that it had found a buyer for its Romanian assets, Carlyle International Energy Partners, which will pay $42 147104.5-million (U.S.). This would be very heartening but for two things: One, Sterling has to pay a $10-million (U.S.) termination fee to a energy fund because of a 2007 investment deal, and two, the sale will likely not close until after April, so the bondholders may not see their money on time. Sterling is "considering options" for short-term liquidity. For the long term, it is still mulling a sale of part of Breagh, as well as potential financings. It can take heart that Breagh is getting better. Year to date, the field has produced about 38 million net cubic feet a day, slightly ahead of analysts' predictions. Meanwhile, elsewhere in the North Sea, the Cladhan field remains on schedule to start production in the third quarter. |
Posted at 17/7/2014 20:46 by ohisay RBC today..OMV has announced an oil discovery at the Marina 1 exploration well ~60km offshore Romania.The well, drilled on the Istria XVIII permit, was drilled to a TD of ~2200m in 50m of water and initial tests indicate production of 1500-2000boe/day The Istria XVIII permit is adjacent to the Sterling-operated Pelecan (65%) and Luceafarul (SLG 65%) permits. The company is currently seeking farm-downs for all its Romanian permits ahead of three exploration wells which are planned in 2015 (one in the Luceafarul block). Source: Upstream, 16th July |
Posted at 02/7/2014 21:52 by dukedosh This from RBC this morning:Sterling Resources (SLG.V): Breagh update confirms production and development remains on track Sterling released an update on Breagh Phase 1 yesterday outlining production and development plans for 2014 onwards, alongside an outline of exploration and appraisal drilling and costs for 2014 and 2015. Drilling started at Breagh A08 well: Following the successful A07 fracture stimulation, drilling has commenced on the A08 well, ~1.8km northeast of the Breagh Alpha platform. The well is expected to encounter the better quality sandstones seen in the northeastern areas of the field, with contingency plans to sidetrack and hydraulically fracture stimulate if required. Further drilling of two more wells and possibly two sidetracks are being considered for late-2015, subject to rig availability. H2/14 increase in production: Sterling expects gas sales production for H2/14 of ~120MMscf/d (36MMscf/d net to SLG), slightly ahead of our current forecast, and 111MMscf/d in 2015 (33MMscf/d net), in line with expectation. The company's average gas sales production for 2014 is expected to be 27 MMscf/d net, consistent with expectations, with additional condensate expected to be produced. The production forecasts assume the A07 and A08 wells come on-stream in August and October, respectively, and the sidetracks and hydraulic fracking contributes from H2/15. Updated capex in line: Sterling's capex for Breagh Phase 1 is $21m in H2/14 and $29m in 2015, in line with our expectations. The company's total capex remains unchanged at ~$42m in H2/14 and ~$60m in 2015. However, the 2015 capex estimate assumes Sterling secures farm-out deals in Romania ahead of exploration and retains half the current equity interest prior any benefit of expected promotes. Sterling expects to have cash of ~$37m, in line with our forecast, at the end of H1/14. Financing considerations are ongoing and H2/14 operating cash flow is expected to be ~$38m. Exploration catalyst expected later in H2/14 and 2015: Following completion of the A08 well, the rig will move to the Crosgan field (SLG 30%), 25km northeast of Breagh. We include upside / risk of +C$0.04/-C$0.03 per share for this well in our C$1.17/share NAV. In H2/14 Sterling also expects to drill an exploration well on the UK North Sea Beverley prospect (SLG 20%), with the company largely carried on well costs. We include upside/risk of +C$0.13/-C$0.02 per share for this well in our NAV for this higher impact well. Four exploration wells are planned in 2015: one offshore UK (Niadar prospect, SLG 100%) and three offshore Romania (one in the Luceafarul block, SLG 50%, and two in the Muridava block, SLG 40%). The intention is to drill all wells post farm-down processes. |
Posted at 30/5/2014 11:02 by dukedosh Disappointed that the Muridava-1 exploration well was a miss. Plugged and abandoned. More pain for share holders. |
Posted at 23/5/2014 15:54 by ohisay Sterling Resources (SLG.V): Q1/14 impacted by 3-week shut-in at BreaghSterling reported Q1/14 results overnight. As a result of the three-week shut-in at the Breagh gas field (SLG 30%), gross production averaged ~23MMscf/d in Q1/14, generating revenue of ~$20.5m, slightly ahead of our $18m forecast. During the quarter, the company also realised a gain of ~$27m on the sale of the Midia Deep block in the Romanian Black Sea. Operating cash flow of ~$11m was slightly lower than anticipated. Sterling ended the quarter with cash of ~$46m, and restricted cash of ~$10m in accordance with the bond requirements. In the remaining quarters, Sterling expects to spend ~$60m in capex, which includes development spending at Breagh and two exploration wells. Romania farm-out completed, Muridava-1 well ongoing: Following the farm-out of the deepwater area within the Midia block, a 3D seismic program over key parts of the Midia Shallow and Pelican blocks (SLG 65%) was completed earlier than expected in Q1/14. This will accelerate the company's planned farm down of this acreage. On the Muridava block (SLG 40%),the Muridava-1 exploration well started drilling in early April and is expected to take two months to complete. The well is on the same geological trend as the existing Olimpiyskaya and Eugenia gas discoveries; we include upside/risk of +C$0.15/-C$0.03 per share for a ~170Bcf discovery in our C$1.20/share NAV. The other two commitment wells for the block have been postponed to 2015. Two UK exploration wells in H2/14: Exploration wells at the Beverly (SLG 20%) and Crosgan(SLG 30%) prospects remain scheduled for H2/14. We include a combined upside/risk of +C$0.17/-C$0.05 per share for these wells, Sterling are mostly carried through the Beverly well through a farm-out arrangement. |
Posted at 13/3/2014 09:23 by dukedosh SLG - Sterling Resouces New PresentationSterling Resources Ltd. (TSX-V: SLG) is pleased to announce that it will be presenting today at the Pareto Securities E&P Independents Conference in London, England. The presentation is available for viewing on the Sterling Resources website at |
Posted at 19/2/2014 22:08 by dukedosh I cannot find anything in the December 2013 news release that mentions lower guidance for Breagh either. Here's what I have:From the 3Q13 interim report, dated 30.09.13: Average production in 2014, including the contribution from the eighth well, is now expected to be approximately 129 million standard cubic feet per day ("MMscf/d")(39 MMscf/d net to Sterling) with an exit rate at the end of 2014 of 114 MMscf/d (34 MMscf/d net to Sterling). From the RNS dated 13.01.14: Expected production guidance for 2014 remains 129 MMscf/d for 100 percent of the field (39 MMscf/d net to Sterling), as previously announced on November 20, 2013. And here's the December 30, 2013 RNS in full - there's nothing about it there: STERLING RESOURCES ANNOUNCES RESTART OF PRODUCTION FROM BREAGH Calgary, Alberta, Canada, December 30, 2013 Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or the "Company") is pleased to announce the restart of Breagh production on December 27, 2013. This follows a period of approximately seven weeks shut-in as a result of a significant production incident on November 7th, as reported earlier. The investigation into the production incident continues with an expected completion date at the end of January 2014. However, interim feedback from the investigation has identified the necessary actions to permit production restart and continuation of re-commissioning activities following the replacement of the barred tee-junction and various other repairs to the inlet to the gas plant. Initial production rates from the field will be variable as these commissioning activities progress. In addition, a two day planned shutdown is scheduled for the first week of January 2014 to allow the Ensco 70 drilling rig to move off location and transfer to a shipyard for necessary work required as part of normal marine certification requirements. Breagh well A07 has been drilled to total depth having encountered reservoir sands in accordance with prognosis. The well has been suspended with the completion tubing run and the Xmas tree set. The Ensco 70 rig is scheduled to return early in the second quarter of 2014 to bring the A07 well into production using hydraulic stimulation, before completing the Phase 1 drilling program by drilling an additional production well A08. Completing well A07 using hydraulic stimulation is planned to provide enhanced production to Phase 1, while also providing valuable information to support Phase 2 investment decisions. Sterling is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, France and the Netherlands. The common shares are listed and posted for trading on the Toronto Stock Exchange Venture (TSX-V) exchange under the symbol "SLG". Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements All statements included in this news release that address activities, events or developments that Sterling expects, believes or anticipates will or may occur in the future are forward-looking statements. In addition, statements relating to expected production, reserves or resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves and resources described can be profitably produced in the future. These forward-looking statements involve numerous assumptions made by Sterling based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other-forward looking statements will prove inaccurate, certain of which are beyond Sterling's control, including: the impact of general economic conditions in the areas in which Sterling operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations. Readers should also carefully consider the matters discussed under the heading "Risk Factors" in the Company's Annual Information Form. Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Sterling's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. These statements speak only as of the date of the news release. Sterling does not intend and does not assume any obligation to update these forward-looking statements except as required by law. Financial outlook information contained in this news release about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein. For further information: Jacob Ulrich - Chairman and Interim Chief Executive Officer Phone: +44 20 3008 8485, Cell: +44 7876 346 399 jake.ulrich@sterling David Blewden - Chief Financial Officer Phone: +44 20 3008 8489, Cell: +44 7771 740 804 david.blewden@sterli George Kesteven - Manager, Corporate and Investor Relations Phone: +1 403 215 9265, Cell: +1 403 519 3912 george.kesteven@ster |
Posted at 02/12/2013 09:27 by dukedosh Sterling Resources Announces Success in the UK 27th Offshore Licencing RoundSterling Resources Ltd (TSXV:SLG) Today : Monday 2 December 2013 CALGARY, Dec. 2, 2013 /CNW/ - Sterling Resources Ltd. (TSXV: SLG) ("Sterling" or the "Company") is pleased to announce that it has been successful in the UK 27th Offshore Licencing Round awards (second tranche), which were recently announced by the UK Department of Energy and Climate Change (DECC). Sterling has been informed by DECC of the successful award of a licence covering Blocks 42/2(split), 42/3(split), 42/4, 42/5 & 36/30, which are located approximately 25 kilometres north of the Breagh gas field. Sterling Resources will be the operator of the licence with a 100 percent working interest. Work commitments for this traditional licence award include obtaining and reprocessing 2D seismic data and drilling a firm well within the traditional 4-year licence period. "We have continued investigating further Carboniferous prospects in the area near to our Breagh gas field based on Sterling's database of 2D seismic data over all of these newly licenced blocks and in particular a re-interpreted 3D seismic survey over two of the blocks awarded in this round that was acquired by Sterling in 2010," stated David Findlater, Sterling's Vice-President of Exploration. "In addition to several Carboniferous prospects, we have identified an exciting Permian reef play that covers several of the blocks, which we believe has a significant potential resources possibility. We look forward to kicking-off our farm-out at PROSPEX 2013 sponsored by the Petroleum Exploration Society of Great Britain (PESGB) and the UK licencing authority DECC in early December in London," added Mr. Findlater. "Sterling is extremely pleased with this award, which provides an opportunity to explore both more traditional and new plays close to our existing Breagh infrastructure," stated Jake Ulrich, Sterling's Interim CEO. "This fits very well into our strategy to build-up our North Sea portfolio around our existing acreage and infrastructure," added Mr. Ulrich. Sterling is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, France and the Netherlands. The common shares are listed and posted for trading on the Toronto Stock Exchange Venture (TSX-V) exchange under the symbol "SLG". Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. Filer Profile No. 00002072 |
Posted at 20/11/2013 23:03 by dukedosh Sterling Resources Announces Third Quarter Operating and Financial ResultsCALGARY, Nov. 20, 2013 /CNW/ - Sterling Resources Ltd. (TSX-V:SLG)("Sterlin For the three months ended September 30, 2013 the Company recorded net income of $4.5 million ($0.01 per share) compared with a net loss of $10.0 million ($0.04 per share) for the three months ended September 30, 2012 due to a year-over-year decrease in pre-licence costs attributable to lower activity levels, lower losses attributable to derivative financial instruments, a foreign exchange gain on the bond, all partially offset by one-time refinancing and strategic review costs. For the nine months ended September 30, 2013 the Company recorded a net loss of $24.4 million ($0.08 per share) compared with a net loss of $24.7 million ($0.11 per share) for the nine months ended September 30, 2012. During the third quarter of 2013 the Company recorded a foreign exchange gain of $10.4 million due to the weakening US dollar (in which the bond is denominated) relative to the UK pound (which is the Company's UK functional currency), partially offset by US dollar bank balances. This foreign exchange gain offset losses incurred during the first half of 2013 which occurred due to the repayment of the UK pound denominated Credit Facility from the US dollar denominated bond as a result of the UK pound strengthening against the Canadian dollar. During the comparable period in 2012, a foreign exchange loss of $1.0 million was incurred due to the weakening of the US dollar relative to the UK pound. For the nine months ended September 30, 2013 pre-licence and other exploration costs were $5.0 million a decrease of $7.5 million. Geographically $1.3 million (2012 - $4.6 million) related to licences in the United Kingdom, $2.1 million (2012 - $5.8 million) related to licences in Romania and $1.6 million (2012 - $2.0 million) related to licences in the Netherlands and other international ventures. The 2012 pre-licence levels were higher due to seismic acquired and expensed for UK licences 42/13b, 42/17, and 42/18, Block 27 Muridava in the Romanian Black Sea and the E3/F1 licences in the Netherlands. Employee expense and general and administrative expenditures charged to exploration licences and expensed as pre-licence costs were higher YTD in 2013 than 2012 due to the different mix of projects being worked on during 2013. Cash and cash equivalents at September 30, 2013 were $47.6 million compared to $9.4 million as at December 31, 2012. Restricted cash of $29.6 million ($21.9 million as at December 31, 2012) was comprised of $19.1 million devoted to Breagh related expenditures and $10.4 million to cover the initial bond interest payment which was paid on October 30, 2013. Net working capital was $60.0 million at September 30, 2013 significantly above the level at year-end 2012 due to debt refinancing activities, the reduction in Romanian drilling activity, and funds received from the issuance of equity, all of which was partially offset by funding for ongoing operational activity at Breagh. The Company was pleased to finally announce that natural gas production commenced at the Breagh field in the UK Southern North Sea subsequent to the quarter end. Initial production at start-up on October 12th was 97 million standard cubic feet per day (MMscf/d) with production coming from three wells. The fourth and fifth wells had been made available by early November and the sixth well should be available in December. The seventh well is now being drilled from the Ensco 70 jack-up rig located over the Breagh Alpha platform and should be available for production early in the second quarter of 2014. Production has been temporarily shut in since November 8th as a result of certain mechanical problems encountered at the inlet area of the onshore Teesside Gas Processing Plant, where gas from the Breagh field is processed. Intrusive work is required to rectify the issues. Remaining investigative work and known repair work should be completed by the middle of January 2014. The operator RWE DEA (UK) and Sterling continue to review the productivity of the Breagh wells and potential remedial actions to address the disappointing production tests of some of the development wells. An eighth well has been agreed by the partnership to be drilled from the Breagh Alpha platform. Drilling is expected to start once the rig returns from the shipyard during the 2nd quarter of 2014. Additionally, the partnership is evaluating the benefits of hydraulically stimulating several of the current wells and possibly the eighth well. Prior to the production shut down on November 8th, the field had produced on a total of 12 days since first gas on October 12th at various rates while the field and TGPP operations were stabilised as part of start-up procedures. Provisional sales (net to Sterling) over this period were GBP 1.5 million ($2.5 million). Average production in 2014, including the contribution from the eighth well, is now expected to be approximately 129 million standard cubic feet per day ("MMscf/d") (39 MMscf/d net to Sterling) with an exit rate at the end of 2014 of 114 MMscf/d (34 MMscf/d net to Sterling). After discussions with the UK Department of Energy and Climate Change, a further extension to June 30, 2014 has been agreed for the submission of the Phase 2 field development plan. This will allow the partnership to optimise the further development of the field with a view to maximizing value. In mid-October the first development well was spudded at the Cladhan field in the northern North Sea, utilizing the Transocean John Shaw drilling unit. This well will be drilled first as an appraisal well to the north of the field and then sidetracked to the development location as a water injector. The planned development at Cladhan, which is operated by TAQA Bratani, is for two subsea producer wells and the subsea water injector currently being drilled, all tied back 17 kilometres to the Tern platform also operated by TAQA. Work on the Tern platform has commenced with site preparation including the removal of existing redundant equipment to provide space for the new Cladhan processing equipment and flowlines. First oil production is expected to begin in early 2015. Pursuant to agreements with TAQA, Sterling's share of development costs will be carried through two separate carry arrangements which are planned to result in a final working interest of 13.8 percent for the Company by the third quarter of 2015. Preparatory work, including the site survey, was conducted for the drilling of an exploration well on the UK North Sea Beverley oil prospect on block 22/26c, however due to a lack of rig availability drilling of this well has been delayed until 2014. The Beverley well is expected to be fully carried under the terms of a farm-out agreement. In Romania, non-operated drilling of an exploration well on the Muridava block is expected to commence around the end of November and may take up to two months to complete. Interpretation of the 2D-seismic that was shot over the Midia and Pelican blocks continues, as does preparation for the Luceafarul block 3D-seismic shoot in late November 2013. The 2012 drilling results from the Ioana and Eugenia exploration wells on the Midia and Pelican blocks continue to be reviewed and further 3D-seismic is planned to be acquired during 2014 based upon this analysis. Sterling continues to move forward to close the sale and purchase agreement with ExxonMobil and OMV Petrom for the sale of the 65 percent interest in a portion of block 15 Midia in the Romanian Black Sea which was originally announced in October 2012. Closing of this sale requires the approval of the Romanian government which is actively being sought. The consideration payable to Sterling related to this transaction is US$29.25 million payable upon closing, with further contingent payments linked to future success on the portion of the block sold. The Company also intends to proceed with a sell-down of its equity interests in all of its Romanian Black Sea licences during 2014. In the Netherlands, extensions have been granted on the F17 and F18 licences until August 2014, with a further three year extension available if the joint venture commits before then to 3D-seismic over the area. Preparation work in anticipation of acquisition of this seismic has commenced. "The third quarter saw a number of changes at Sterling including a transition of leadership and as a result the Board continues the search process for a new CEO," stated Jake Ulrich, Sterling's Chair and Interim CEO. "Operationally the Breagh start-up is a transformational event for the Company and although the plant is currently temporarily shut-in, we look forward to using Breagh's cash flow in due course to accelerate value realization for shareholders. The Board is committed to moving forward judiciously with a capital plan that will maximize returns for Sterling's shareholders," added Mr. Ulrich. Sterling is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, France and the Netherlands. The Common Shares are listed and posted for trading on the Toronto Stock Exchange Venture (TSX-V) exchange under the symbol "SLG". Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. Filer Profile No. 00002072 |
Posted at 19/11/2013 23:55 by dukedosh * Another delay, 6-8 weeks. Ouch!Sterling Resources announces further operational update for Breagh Sterling Resources Ltd (TSXV:SLG) Intraday Stock Chart Today : Tuesday 19 November 2013 CALGARY, Nov. 19, 2013 /CNW/ - Sterling Resources Ltd. (TSXV: SLG) ("Sterling" or the "Company") announces that the key physical investigative work has been completed and has identified several damaged elements at the inlet area to the Teesside Gas Processing Plant ("TGPP") at Seal Sands, near Teesside on the east coast of England. When gas reaches the TGPP, there is a buried junction at which point gas and liquids are taken off above ground to be processed in the plant, and any pigging devices are removed from the pipeline. The junction is fitted with bars ("Barred Tee-Junction") to guide the pigging devices to pigging reception facilities. The key findings of the physical investigation to date are as follows: Inspection of the junction has been completed by means of a remotely controlled camera, which showed that the bars within the junction are severely deformed; After removal of the spool piece on the inlet to the gas/liquid separator two damaged pipeline spheres used in pigging operations to sweep the pipeline of liquids were found; and Four thermo-wells between the Barred Tee-Junction and the inlet to the gas/liquid separator, which protrude into the gasline at the inlet to the plant, were severely deformed. Temperature probes in the thermowells were damaged, thereby creating the indications of abnormal conditions. Remedial action plans are being developed for rectification of the surveyed damage. Preliminary estimates for return to production is six to eight weeks. A full root cause investigation into the occurrence is ongoing. "The initial physical investigations have identified areas of immediate repair which are being addressed on an urgent basis," stated John Rapach, Sterling's Chief Operating Officer. "We are concerned at this occurrence and are working closely with our partner RWE Dea to ensure a thorough understanding of the event. Once the root cause investigation is complete, a full statement on both progress of repairs, and definitive work scope and schedule will be made," added Mr. Rapach. The Breagh field is located in UKCS blocks 42/12a and 42/13a of the Southern North Sea in 62 metres water depth, approximately 100 kilometres east of Teesside. Gas is exported via a 20-inch pipeline from the Breagh Alpha platform to Coatham Sands, Redcar on the UK mainland, and then via an 11 kilometre buried onshore pipeline to the TGPP at Seal Sands for processing. The TGPP site is owned by North Sea Midstream Partners and after processing at the TGPP, the gas enters the UK National Transmission System. During 2009, RWE Dea UK acquired its current 70 percent interest in the Breagh gas field and became operator, with Sterling retaining the remaining 30 percent. Sterling is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, France and the Netherlands. The Common Shares are listed and posted for trading on the TSX-V under the symbol "SLG". Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. Filer Profile No. 00002072 Forward-Looking Statements All statements included in this news release that address activities, events or developments that Sterling expects, believes or anticipates will or may occur in the future are forward-looking statements. In addition, statements relating to expected production, reserves or resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves and resources described can be profitably produced in the future. These forward-looking statements involve numerous assumptions made by Sterling based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other-forward looking statements will prove inaccurate, certain of which are beyond Sterling's control, including: the impact of general economic conditions in the areas in which Sterling operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations. Readers should also carefully consider the matters discussed under the heading "Risk Factors" in the Company's Annual Information Form. Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Sterling's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. These statements speak only as of the date of the news release. Sterling does not intend and does not assume any obligation to update these forward-looking statements except as required by law. Financial outlook information contained in this news release about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein. SOURCE Sterling Resources Ltd. Copyright 2013 Canada NewsWire |
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