Sterling looking to raise further funds

Oil and gas firm Sterling Resources said yesterday it was to raise up to £31.5million through a share issue.

Sterling, which has operational headquarters at Banchory, in Aberdeenshire, said the cash would fund appraisal and development activities on its Breagh field, which had its field-development plan approved earlier this week. Last week, it agreed a £105million senior secured loan to help finance the Breagh project.