Sterling Energy PLC - oil and gas company with an interest in Somaliland - Has been informed that Waterford Finance & Investment Ltd and Mistyvale Ltd have agreed to sell their entire 29% and 16% respective shareholdings in the company. Sterling says it "understands that a number of institutional and high net worth investors have agreed to purchase the shares being sold by Waterford and Mistyvale."
Sterling and Waterford were parties to a relationship agreement which governed the appointment of Michael Kroupeev to the Sterling board. The sale of Waterford's interest automatically terminates this agreement.
Also confirms the provisional appointments of former Tullow Oil PLC chief executive Paul McDade and former Tullow executive vice president Ian Cloke as its own executive directors. Notes that "Paul and Ian have extensive experience and knowledge of identifying and developing oil and gas assets in West Africa and intend to refocus the company's strategy on producing assets in this region."
Sterling CEO Tony Hawkins: "I'd like to recognise the contributions of Waterford and Mistyvale to the stability of the Company over a number of years. Waterford and Mistyvale have been cornerstone investors in the company since 2009, when they helped re-capitalise the company so that it could drill exciting exploration wells in Kurdistan and Cameroon, manage and cleanly exit its joint ventures in Madagascar and Mauritania (including the Chinguetti oil field) and enter into a fully funded carry for the Odewayne block in Somaliland.
"We look forward to working with our new shareholders and our existing shareholders to reconstitute the board and move forward with a refreshed strategy for the business. We will update the market as to each of these items in due course."
Current stock price: 14.12 pence
Year-to-date change: up 50%
By Anna Farley; annafarley@alliancenews.com
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