Press release from CNW Group
Sterling Resources Announces Breagh First Gas Update
Thursday, July 25, 2013
Sterling Resources Announces Breagh First Gas Update08:30 EDT Thursday, July 25, 2013
CALGARY, July 25, 2013 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or "the Company") is providing an update regarding the impending commencement of first production from the Breagh field.
Sterling has been advised that first gas sales from the Breagh field is now expected late August to early September due to some remedial works identified during the commissioning of the Teesside Gas Processing Plant (TGPP). These works were revealed during planned leak testing prior to the introduction of hydrocarbon gas and relate to the leak tightness of certain high pressure systems. It is not unusual to uncover pipework connection leaks at this stage with the rigorous testing processes being used. However, the number and nature of detected leaks has been more extensive than allowed for in commissioning plans. Remedial works are progressing well and while all other works are progressing as expected against an August first gas target, it is likely that slippage into early September will occur.
Offshore facilities and the export pipeline to the terminal are fully commissioned and pressurized with hydrocarbon gas, ready to commence production immediately on completion of TGPP works.
All statements included in this press release that address activities, events or developments that Sterling expects, believes or anticipates will or may occur in the future are forward-looking statements. In addition, statements relating to reserves or resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves and resources described can be profitably produced in the future.
These forward-looking statements involve numerous assumptions made by Sterling based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other-forward looking statements will prove inaccurate, certain of which are beyond Sterling's control, including: the impact of general economic conditions in the areas in which Sterling operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations. Readers should also carefully consider the matters discussed under the heading "Risk Factors" in the Company's Annual Information Form.
Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Sterling's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. These statements speak only as of the date of the press release. Sterling does not intend and does not assume any obligation to update these forward-looking statements except as required by law.
Financial outlook information contained in this press release about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this press release should not be used for purposes other than for which it is disclosed herein.
SOURCE Sterling Resources Ltd.
For further information:
visit www.sterling-resources.com or contact:
Mike Azancot, President and Chief Executive Officer, Phone: 44-20-3008-8488, Mobile: 44-7740-432883, email@example.com
David Blewden, Chief Financial Officer, Phone: 44-20-3008-8488, Mobile: 44-7771-740804, firstname.lastname@example.org
George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Mobile: (403) 519-3912, email@example.com