UK-based, Calgary-listed Sterling Resources has completed a deal to sell its UK business to Amsterdam-based Oranje‐Nassau Energie for US$113.8, including settling a debt, and now plans to wind up the business.
Sterling Resources' UK business includes 30% working interest in the INEOS operated Breagh gas field in the UK Southern North Sea. Sterling also holds 2% in the Cladhan production license and various other exploration licenses in the UK and the Netherlands via SRUK’s subsidiary Sterling Resources Netherlands.
Breagh net production to SRUK in 2017 is estimated to be 3000 boe/d. ONE’s production was expected to increase from 22,000 to over 25,000 boe/d following the completion of the deal.
Following the deal, Sterling no longer has active business operations or assets and now plans to wind‐up the company.
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