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 Iraqi Kurdistan disappointment sends Sterling Energy south

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Iraqi Kurdistan disappointment sends Sterling Energy south  14.6.2011  
By Esther Armstrong 





June 14, 2011

Shares in Middle East and Africa-focused explorer Sterling Energy (SEY) lost almost a quarter of their value on Monday after flow tests from its Kurdistan operations disappointed.

The AIM-traded company said commercial hydrocarbon flow rates had not been demonstrated within the deeper horizons of the Sangaw North-1 well.

In response investors widely sold-off the company and its shares fell up to 30%, before pulling back to sit 23% lower at 35p.


The flow test was completed across the open hole section of the well between the depths of 3,338 metres and 4,190 metres.            
It flowed at a stabalised rateof approximately 4.6 million standard cubic feet of gas and 7,280 barrels of formation water per day during a 12-hour flow period.

Sterling said approximately 74% of the produced gas was hydrocarbon, with the remainder made up of 24% hydrogen sulphide and 2% carbon dioxide.

The result of the flow test is the latest in a string of disappointments faced in the region by the company, which has lost almost 70% of its share value in the last 12 months.

The firm has said no further flow testing is planned in the open hole section of the well and this section will be isolated with cement plugs.

Angus MacAskill, chief executive at Sterling, said: "We are disappointed that the open hole flow test has not demonstrated commercial hydrocarbon flow rates within the deeper horizons of the Sangaw North-1 well. The data acquired during this test will be integrated with all the other data acquired in well operations to determine the potential of these horizons. We look forward to the outcome of the two cased hole flow tests to be conducted in shallower formations."

Each of the shallower flow tests, including prepatory operations, is expected to take approximately three weeks to complete.
 

Copyright , respective author or news agency, Interactive Investor | iii.co.uk  

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