27 Jan 2014 07:00
27 January 2014
Completion of farmin to Odewayne Block (Republic of Somaliland)
On 8th November 2013, Sterling Energy Plc, the AIM listed independent oil & gas exploration and production company (AIM: SEY), announced that its wholly owned subsidiary, Sterling Energy (East Africa) Limited ("Sterling"), had executed a Farmout Agreement for the Production Sharing Contract of the Odewayne Block (the "PSC"), located onshore in the Republic of Somaliland, with Jacka Resources Somaliland Limited ("Jacka").
The consent of the Government of Somaliland to the transaction has been granted and completion under the Farmout Agreement has now occurred.
Pursuant to the Farmout Agreement, Sterling has obtained an additional 15% interest in the PSC. Sterling already held a 10% interest in the PSC pursuant to a transaction with Petrosoma Limited that completed on 6 November 2013.
Following completion, the holders of the PSC are now:
Sterling Energy Plc.'s Chairman, Alastair Beardsall, said:
"We are very pleased to have completed the acquisition of an additional 15% interest in the Odewayne Block in Somaliland. We now have a material position in the Odewayne Block, which we consider to be highly prospective. We look forward to working with our joint venture partners in the exploration of this largely unexplored block."
Details about Somaliland and the Odewayne Block can be found in Sterling's Investor Presentation which can be viewed on the Company's website at www.sterlingenergyplc.com.
Further information:
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Sterling Energy Plc. | (+44 20 7405 4133) |
Alastair Beardsall (Chairman) Phil Frank (Exploration Director) | |
Liberum Capital Limited | (+44 20 3100 2000) |
Clayton Bush Simon Atkinson Tim Graham | |
Peel Hunt LLP | (+44 20 7418 8900) |
Andy Crossley Richard Crichton |