AGM Statement

 

TIDMSEY 
 
RNS Number : 7569U 
Sterling Energy PLC 
30 June 2009 
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR 
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE 
RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION 
 
 
30 June 2009 
 
 
STERLING ENERGY PLC 
("Sterling" or the "Company") 
 
 
Annual General Meeting 
 
 
 
 
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, today held its Annual General Meeting at which all Resolutions were 
passed. 
 
 
Dick Stabbins, Chairman, said 
 
 
"Looking ahead, there are many exciting opportunities open to us and, of course, 
issues that we need to resolve. Key amongst these is near-term drilling in 
Kurdistan, which is clearly one of the most exciting hydrocarbon provinces in 
the world, as well as dealing with the excess of our debt over our appraised 
borrowing base. 
 
 
The recent world-class multi-billion barrel discovery in Kurdistan, the 
commencement of exports and recent high-profile corporate activity, are all very 
positive for our 53.33% owned and operated Sangaw North PSC. We plan to drill 
our first well there in the fourth quarter. Our costs are being carried. This 
well has the potential to transform Sterling's outlook. 
 
 
Our focus is on finding a resolution to our debt shortfall, which has arisen 
principally as a result of the sustained and major fall in USA natural gas 
prices. Whilst we remain in discussions with interested third parties and seek a 
sale of assets, not least the USA business, we continue to repay $1million per 
month from cash flow. 
 
 
I would like to assure shareholders that management is fully concentrated on 
resolving the debt issue and ensuring that those opportunities available to us 
are exploited to the full." 
 
 
Enquiries 
 
 
   Sterling Energy Plc ([phone])           Web site: 
www.sterlingenergyplc.com 
Dick Stabbins 
Graeme Thomson, CEO 
 
 
Evolution Securities ([phone]) 
Rob Collins 
Chris Sim 
 
 
N M Rothschild & Sons Limited ([phone]) 
Neeve Billis 
 
 
Citigate Dewe Rogerson ([phone]) 
Martin Jackson 
George Cazenove 
 
 
 
 
 
 
 
 
 
 
In accordance with the guidelines of the AIM Market of the London Stock 
Exchange, Andrew Grosse, B.Sc (Hons) Geology & Geophysics (1980), Exploration & 
Technical Director of Sterling Energy Plc, who has been involved in the oil 
industry for over 27 years, is the qualified person that has reviewed the 
technical information contained in this press release. 
 
 
Dealing Disclosure Requirements 
 
 
Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any 
person is, or becomes, "interested" (directly or indirectly) in 1% or more of 
any class of "relevant securities" of STERLING, all "dealings" in any "relevant 
securities" of that company (including by means of an option in respect of, or a 
derivative referenced to, any such "relevant securities") must be publicly 
disclosed by no later than 3.30 pm (London time) on the London business day 
following the date of the relevant transaction. This requirement will continue 
until the date on which any offer (if made) becomes, or is declared, 
unconditional as to acceptances, lapses or is otherwise withdrawn or on which 
the "offer period" otherwise ends. If two or more persons act together pursuant 
to an agreement or understanding, whether formal or informal, to acquire an 
"interest" in "relevant securities" of STERLING, they will be deemed to be a 
single person for the purpose of Rule 8.3. 
 
 
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant 
securities" of STERLING by STERLING, or by any of its "associates", must be 
disclosed by no later than 12.00 noon (London time) on the London business day 
following the date of the relevant transaction. 
 
 
A disclosure table, giving details of the companies in whose "relevant 
securities" "dealings" should be disclosed, and the number of such securities in 
issue, can be found on the Takeover Panel's website at 
http://www.thetakeoverpanel.org.uk/new/. 
 
 
"Interests in securities" arise, in summary, when a person has long economic 
exposure, whether conditional or absolute, to changes in the price of 
securities. In particular, a person will be treated as having an "interest" by 
virtue of the ownership or control of securities, or by virtue of any option in 
respect of, or derivative referenced to, securities. 
 
 
Terms in quotation marks are defined in the Code, which can also be found on the 
Panel's website. If you are in any doubt as to whether or not you are required 
to disclose a "dealing" under Rule 8, you should consult the Panel. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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