Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSEY.L Regulatory News (SEY)

  • There is currently no data for SEY

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Acquisition of interest in Block C-10, Mauritania

3 Jun 2015 07:00

RNS Number : 0078P
Sterling Energy PLC
03 June 2015
 



 

03 June 2015

Acquisition of an interest in Block C-10, Mauritania

Sterling Energy plc (the "Company"), the AIM listed oil and gas exploration company (AIM: SEY), is pleased to announce that its wholly owned subsidiary, Sterling Energy Mauritania Limited ("SEML"), has signed a sale and purchase agreement with Tullow Mauritania Limited ("Tullow") to acquire a 13.5% interest in the Production Sharing Contract for Block C-10 (the "PSC"), located offshore in the Islamic Republic of Mauritania (the "SPA").

The current holders of the PSC are:

· Tullow Mauritania Limited (Operator) 90%

· Société Mauritanienne des Hydrocarbures et de Patrimoine Minier ("SMHPM") 10%

Sale and Purchase Agreement

Under the terms of the SPA, on completion:

a) SEML will assume a 13.5% participating interest in the PSC from Tullow, including an entitlement to some of the past costs associated with the participating interest; and

b) SEML will pay Tullow US$50,000 in cash as consideration and in repayment of interim period costs.

Completion of the transaction remains subject to the approval by the Government of the Islamic Republic of Mauritania.

Following completion, the holders of the PSC will be:

· Tullow Mauritania Limited (Operator) 76.5%

· Sterling Energy Mauritania Limited 13.5%

· SMHPM 10%

SEML will finance the acquisition through existing cash resources.

Tullow Mauritania Limited is a subsidiary of Tullow Oil Plc.

Block C-10

The PSC, awarded in 2011, is in the second phase of the exploration period ("Phase 2") and covers Block C-10, offshore Mauritania, comprising an area of approximately 10,725 km2. The current phase will expire on 30 November 2017 and has a minimum work obligation of 1 exploration well.

The block surrounds the Chinguetti field and lies in water depths of 50m to 2,400m with full 3D seismic coverage. Block C-10 lies within a proven petroleum basin and offers exposure to multiple play-types from the under-explored Jurassic and lower Cretaceous carbonates to Cretaceous and Tertiary clastic plays. The potential for the extension of the Cenomanian and Albian plays recently established by the Tortue-1 well drilled by Kosmos in Block C-8 will be investigated on Block C-10.

The operator has identified a drill ready Neocomian carbonate prospect in water depth of approximately 100m. Technical work will focus on maturation of the prospect inventory following the receipt of recently merged, reprocessed and depth migrated, 3D seismic.

The joint venture anticipates that the exploration well will be drilled in 2016. The gross cost of the well is anticipated at $77m ($11.55m net to SEML). Should the joint venture not fulfil the minimum work obligation, the joint venture's gross liability to the Government would be $7.5m ($1.125m net to SEML).

Following the completion of Phase 2, the joint venture may elect to enter into Phase 3 (with a 3 year term) with a minimum work obligation of 2 wells.

SEML and Tullow will carry SMHPM's ten percent (10%) interest proportionally during the exploration period of the PSC.

Eskil Jersing, the Company's Chief Executive Officer said:

"We are very pleased to be joining Tullow and SMHPM in Block C10 in Mauritania, in addition to the recently announced inboard C3 block entry. We consider the block highly prospective with a drill ready prospect in an untested play segment. We look forward to working with Tullow in the exploration of this block on what is proving to be an exciting emerging margin."

Qualified person

In accordance with the guidelines of the AIM Market of the London Stock Exchange, Mr Matthew Bowyer, Exploration Manager of the Group, who has been involved in the oil industry for over 18 years, is the qualified person that has reviewed the technical information set out above.

 

Further Information

Further information can be found on the Company's website at www.sterlingenergyplc.com

Sterling Energy Plc (+44 20 7405 4133)

Eskil Jersing (CEO)Alastair Beardsall (Chairman)

Peel Hunt LLP (+44 20 7418 8900)

Richard CrichtonRoss Allister

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACQUGUWPQUPAGQP
Date   Source Headline
30th Apr 202111:28 amRNSResult of 2021 General Meeting
21st Apr 20212:58 pmRNSNotification of Major Holdings
13th Apr 20214:00 pmRNSChange of Name and Notice of General Meeting
30th Mar 20217:00 amRNSBoard Changes
16th Mar 20215:18 pmRNSHolding(s) in Company
16th Mar 20217:00 amRNSExecutive Director Appointments & Joint Broker
3rd Mar 20211:51 pmRNSHolding(s) in Company
23rd Feb 20215:50 pmRNSRelevant changes to significant shareholders
23rd Feb 202110:37 amRNSHolding(s) in Company
22nd Feb 20215:59 pmRNSHolding(s) in Company
18th Feb 20215:34 pmRNSMajor Shareholding Changes & Board Appointments
7th Dec 20207:00 amRNSDirectorate Change
21st Oct 20204:36 pmRNSPrice Monitoring Extension
23rd Sep 202012:50 pmRNSHolding(s) in Company
18th Sep 20207:00 amRNSResults for the six months ending 30 June 2020
26th Aug 20204:35 pmRNSPrice Monitoring Extension
21st Aug 20204:35 pmRNSPrice Monitoring Extension
25th Jun 202011:54 amRNSResult of AGM
22nd May 20207:00 amRNSPublication of Report & Financial Statements 2019
21st May 202012:50 pmRNSTR-1: Notification of major holdings
24th Apr 202010:34 amRNSHolding(s) in Company
15th Apr 20207:00 amRNSAnnual results for the year ended 31 December 2019
9th Dec 20194:49 pmRNSChange of Adviser
13th Sep 20197:00 amRNSOdewayne, Republic of Somaliland
26th Jul 20197:00 amRNSResults for the six months ending 30 June 2019
25th Apr 20191:36 pmRNSResult of AGM
23rd Apr 20193:23 pmRNSPDMR Dealings
29th Mar 20197:00 amRNSPosting of Annual Report and Notice of AGM
25th Mar 20197:00 amRNSAnnual results for the year ended 31 December 2018
10th Oct 20187:01 amRNSInterim Management Statement
10th Oct 20187:00 amRNSAppointment of GMP FirstEnergy as Joint Broker
11th Sep 20184:40 pmRNSSecond Price Monitoring Extn
11th Sep 20184:35 pmRNSPrice Monitoring Extension
27th Jul 20187:00 amRNSResults for the six months ending 30 June 2018
6th Jun 201811:31 amRNSDirectorate Change
25th Apr 201811:49 amRNSResult of AGM
25th Apr 20187:00 amRNSInterim Management Statement
28th Mar 20185:30 pmRNSPosting of Annual Report and Notice of AGM
22nd Mar 20187:00 amRNSAnnual results for the year ended 31 December 2017
1st Feb 20185:45 pmRNSCircular re Electronic Communications
26th Jan 20182:20 pmRNSChinguetti - Termination of Funding Agreement
5th Jan 20181:59 pmRNSHolding(s) in Company
28th Dec 201710:27 amRNSHolding(s) in Company
21st Dec 20172:25 pmRNSResignation of CEO
6th Nov 20177:00 amRNSInterim Management Statement
2nd Nov 20172:06 pmRNSUpdate on Block C-10, Mauritania
13th Oct 20171:08 pmRNSChange of Registered Office
4th Sep 20177:00 amRNSOdewayne, Republic of Somaliland
28th Jul 20177:00 amRNSResults for the six months ending 30 June 2017
14th Jun 20173:45 pmRNSCompletion of Capital Reduction

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.