Response to share price movement

 

TIDMSEY 
 
RNS Number : 1726X 
Sterling Energy PLC 
10 August 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 
 
 
 
 
10 August 2009 
 
 
STERLING ENERGY PLC 
("Sterling" or the "Company") 
 
 
Response to share price movement 
 
 
Sterling Energy (symbol: SEY), an AIM listed independent oil & gas exploration 
and production company, with interests in the Gulf of Mexico, Africa and the 
Middle East, notes the recent movement in its share price and updates the market 
that, within the context of determining a long-term solution to Sterling's 
financing position, it is continuing to consider its strategic options. 
 
 
The Company confirms that it is currently exploring a number of options 
including a sizeable placing of new equity at a significant discount to the 
current market price. 
 
 
In addition, the Company continues to hold discussions with interested third 
parties regarding the sale of assets or the sale of the Company. Sterling 
emphasises that there is no certainty an offer for the Company will be 
forthcoming. 
 
 
 
 
Enquiries 
 
 
Sterling Energy Plc ([phone]) 
Graeme Thomson, CEO 
Jon Cooper, FD 
 
 
Rothschild ([phone]) 
(Financial Adviser) 
Neeve Billis 
David Hemmings 
Evolution Securities ([phone]) 
Nominated Adviser and Broker 
Rob Collins 
Chris Sim 
 
 
Citigate Dewe Rogerson ([phone]) 
Martin Jackson 
Emma Woollaston 
 
 
 
 
Web site: www.sterlingenergyplc.com 
 
 
 
 
Notes to editors 
The Directors of Sterling accept responsibility for the information contained in 
this announcement. To the best of knowledge and belief of the Directors, who 
have taken all reasonable care to ensure such is the case, the information 
contained in this announcement is in accordance with the facts and does not omit 
anything likely to affect the import of such information. 
 
 
 Rothschild, who is authorised and regulated by the Financial Services 
Authority in the United Kingdom, is acting as financial adviser to Sterling and 
no one else in connection with the contents of this announcement and will not be 
responsible to anyone other than Sterling for providing the protections afforded 
to clients of Rothschild or for providing advice in relation to the contents of 
this announcement. 
 
 Evolution Securities, who is authorised and regulated by the Financial 
Services Authority in the United Kingdom, is acting as NOMAD and broker to 
Sterling and no one else in connection with the contents of this announcement 
and will not be responsible to anyone other than Sterling for providing the 
protections afforded to clients of Evolution Securities or for providing advice 
in relation to the contents of this announcement. 
 
 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 . 
 
 "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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