Sterling Energy, an AIM listed independent oil and gas exploration and production company with interests in the Gulf of Mexico, Africa and the Middle East, announces the Iris Charlie Marin-1 (ICM-1) exploration well, in the Iris Marin PSC, offshore Gabon spudded on 5th July 2008.
Sterling has a 32% interest in the licence following a recent farmout to Addax Petroleum. Approximately 18% of Sterling’s costs in the well are being paid by Addax Petroleum.
The ICM-1 well will target the Charlie Prospect, estimated to contain reserves of 20-40 mmbo in the Gamba Sandstone formation. The well is located 12 kilometres southwest of the Gamba field in 25 metres of water and will be drilled using Hercules Offshore’s jack-up rig Hercules 156.
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