By OGJ editors
HOUSTON, May 19 -- Sterling Resources Ltd. has signed an agreement to farm out to Lundin Petroleum AB subsidiary Lundin Heather Ltd. a 40% interest in Blocks 210/25b, 210/29, and 210/30 in the UK North Sea.
Lundin, operator of nearby Heather oil field and platform, will earn its interest in the blocks by paying 61.54% of the first £10 million dry hole costs of a well to test an Upper Jurassic zone and will become operator.
Sterling plans to farm out an additional 10-12.5% interest in the blocks prior to drilling.