CALGARY – Sterling Resources Ltd. (TSXV:SLG) will acquire a 10 per cent interest on certain oil and gas licences in the Dutch North Sea through an asset swap with Enquest PLC.
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In return, Enquest gets a 50 per cent interest in the Cairngorm licence in the U.K. North Sea that Sterling acquired recently.
The agreement is subject to approvals from regulators and partners.
Sterling president and CEO Mike Azancot said Friday that Cairngorm isn’t a core asset for the Calgary-based junior energy company and the asset swap will optimize its holdings.
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