July 5, 2011 / 12:35 PM / 7 years ago

UPDATE 2-Sterling Resources ups UK North Sea reserves, shares rise

(Adds details about Breagh field in paragraphs 4, 5; share movement)

July 5 (Reuters) - Canada’s Sterling Resources Ltd said proven and probable reserves at its Breagh field in UK’s North Sea rose 12 percent from 2010-end, sending its shares up 9 percent.

The Calgary, Alberta-based company said proven and probable reserves rose to 35.3 million barrels of oil equivalent(MMboe) from 31.6 MMboe.

Proved reserves rose 19 percent to 28.2 MMboe, the company said in a statement.

Sterling expects to incur capital expenditures of about $125 million for the development of Breagh in 2011, according to the company website.

First gas from the Breagh Alpha platform is scheduled for July 2012 with the field expected to reach a peak annual rate of 160 million cubic feet per day (MMcf/d) in 2013.

The company, which holds a 30 percent stake in Breagh with operator RWE Dea holding the rest, said it plans to construct a second platform on the eastern side of the field from which first gas is expected in 2013.

Shares of the company, which has operations in the United Kingdom, Romania, France and the Netherlands, touched a high of C$1.86. They were trading at C$1.80 on Tuesday on the Toronto Venture Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Don Sebastian)

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