Sterling Energy withdraws from Sangaw North PSC in Kurdistan

Sterling Energy announced Friday its decision to withdraw from the Sangaw North PSC oil field in Kurdistan after 2D seismic data indicated the remaining potential was insufficient to justify drilling a second exploration well.

By MoneyWeek

published 1 February 2013

in Features

The oil company - focused on operations in Africa and the Middle East - said it abandoned the area on Tuesday following interpretation of the data.

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"While we are naturally very disappointed to have been unsuccessful in our exploration efforts in Kurdistan, we now look forward to focusing on, and adding to, our remaining high potential exploration interests in Africa," Chief Executive Angus MacAskill said.

Shares were down 1.31% to 37.75p at 09:00 Friday.

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