Sterling Resources* (SLG : TSX-V : $1.99), Net Change: -0.04, % Change: -1.97%, Volume: 291,817
Not enough to tarnish. Shares of Sterling were weaker on news its Airidh well, 42/19a-1, was unsuccessful. The well forms
part of a broader exploration program aimed at finding other natural gas resources in Quad 42 in the U.K. North Sea that could
ultimately take advantage of infrastructure expected to be built at Breagh. The company has 30% interest in this well. Although
Canaccord Genuity Oil & Gas Analyst Richard Wyman sees this as a disappointing result, he did not include any upside value
for this prospect in his analysis. At the time of publication, it is not known whether this result has any bearing on the other
Bunter-type prospects in the company’s inventory. The company is now preparing to move the rig to the Macanta exploration
prospect in Block 42/14 (30% interest). Macanta is located between the Breagh discovery and the Crosgan discovery and is
geologically similar to these two discoveries. Sterling is a junior oil and gas company pursuing international opportunities
primarily in the U.K. and Romania. Wyman is bullish on the stock as it trades well below his estimate of contingent asset value.