2011-03-09-2011-03-08

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
0MM
Description

Will swap properties, with Sterling acquiring 25% WI and operatorship of Blocks 210/29c and 210/30b in the Northern North Sea and Valiant acquireing 40% WI in Sterling's Central North Sea licenses in Blocks 21/30f and 22/26c.

Sterling Resources Ltd. (Toronto Venture: SLG) has executed reciprocal agreements with Valiant Petroleum plc to facilitate the exchange of certain North Sea assets.

Sterling acquiring a 25% interest and operatorship of Blocks 210/29c and 210/30b in the Northern North Sea. In exchange, Valiant will obtain a 40% interest in Sterling's Central North Sea licenses in Blocks 21/30f and 22/26c, which have been offered for award to Sterling in the most recent 26th UKCS licensing round.

Blocks 210/29c and 210/30b are adjacent to Blocks 210/29a and 210/30a, on which Sterling as operator has discovered and is currently delineating Cladhan Field. In addition to Sterling (25%), and Valiant Exploration Limited (30%), the other remaining partners in Blocks 210/29a and 210/30b will be Wintershall UK North Sea Ltd. (25%) and Agora Oil and Gas UK Ltd. (20%) on completion of the transaction.