CALGARY, Nov. 29, 2012 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG)
 ("Sterling" or "the Company") is pleased to announce the signing of an
 agreement with Shell U.K. Limited ("Shell") to farm out a 40 percent
 participating interest in UK License P1792 covering Blocks 21/30f and
 22/26c in the Central North Sea containing the Beverley prospect and
 the Belinda and Evelyn discoveries. Sterling was awarded these blocks
 in the UK 26th Offshore Licensing Round. Under the agreement, Shell will cover
 Sterling's 20 percent remaining participating interest share of 3D
 seismic costs across the two blocks and Sterling's share of the costs
 of an exploration well on the Beverley prospect. Sterling will continue
 as Operator for the exploration well. Subject to the approval of the
 Department of Energy and Climate Change, the joint venture interests
 will be Sterling Resources (UK) Ltd. 20 percent, Shell U.K. Limited 40
 percent, and Valiant Petroleum Plc 40 percent.


"The Beverley prospect is associated with possibly the last undrilled
 salt diapir in the Central North Sea and we believe it has significant
 potential given the drilling results of other analogous salt diapir
 structures in the Gannet area. Success could add to the existing Evelyn
 and Belinda discoveries to create a possible producing hub. The farm
 out agreement with Shell brings in a partner with regional knowledge
 while providing Sterling with a carry for the costs of the imminent
 exploration activities on the Beverley prospect," said David Findlater,
 Sterling's Vice President UK Exploration.