Sterling Energy spuds Iris Marin well off Gabon

Uchenna Izundu
International Editor

LONDON, July 8 -- Sterling Energy PLC spudded its Iris Charlie Marin-1 exploration well (ICM-1) in the Iris Marin production-sharing contract area off Gabon.

Hercules Offshore's Hercules 156 jack up rig began drilling July 5 in 25 m of water 12 km southwest of the Gamba field and is expected to reach its target depth later this month. The prospect is estimated to hold reserves of 20-40 million bbl in the Gamba sandstone formation.

Sterling has 32% interest in the licence following a recent farmout to Addax Petroleum. About 18% of Sterling's costs in the well are being paid by Addax Petroleum.

Contact Uchenna Izundu at [email protected].