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Government Consents to farm-out of Ambilobe

4 Dec 2013 07:00

RNS Number : 6239U
Sterling Energy PLC
04 December 2013
 

 

4 December 2013

 

Government Consents to farm-out of Ambilobe (Madagascar)

 

On 1 November 2013, Sterling Energy Plc, the oil & gas exploration and production company (AIM listed: code SEY), announced that its wholly owned subsidiary, Sterling Energy (UK) Limited ("Sterling"), had executed a Farmout Agreement for the Production Sharing Contract of the Ambilobe Block (the "PSC"), located offshore Madagascar, with Pura Vida Mauritius ("Pura Vida").

 

The consent of the Government of the Republic of Madagascar to the transaction has been granted and completion under the Farmout Agreement has now occurred.

 

Following completion, the holders of the PSC are now:

 

· Sterling Energy (UK) Limited (Operator) 50%

· Pura Vida Mauritius 50%

 

 

Sterling Energy Plc.'s Executive Chairman, Alastair Beardsall, said:

 

"We are very pleased to complete the farmout process. The Ambilobe area is considered to be highly prospective, but remains largely unexplored. We are planning to acquire new seismic data as part of our 2014 work programme to further investigate the potential of the Ambilobe Basin, Sterling's share of the seismic costs will be paid by Pura Vida."

 

 

Details of the Ambilobe PSC can be found in Sterling's Investor Presentation which can be viewed on the Company's website at www.sterlingenergyplc.com.

 

Further information:

Sterling Energy Plc.

Tel: +44 20 7405 4133

Alastair Beardsall (Chairman)

Phil Frank (Exploration Director)

 

Liberum Capital Limited

Tel: +44 20 3100 2000

Simon Atkinson

Tim Graham

 

Peel Hunt LLP

Tel: +44 20 7418 8900

Andy Crossley

Richard Crichton

 

Sterling Energy's website can be found at www.sterlingenergyplc.com

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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