9 Apr 2015 07:00
9 April 2015
Ntem Concession, Cameroon
Sterling Energy Plc, the AIM listed oil and gas exploration company (AIM: SEY), is pleased to provide an update on the transaction between its wholly owned subsidiary Sterling Cameroon Limited ("Sterling") and Murphy Cameroon Ntem Oil Co., Ltd ("Murphy") whereby Murphy will transfer its 50% interest in, and operatorship of, the Ntem Concession, offshore Cameroon (the "Ntem Concession") to Sterling (the "Transaction").
Ministerial approval of the Transaction has now been granted and will, in due course, be formally ratified by way of Presidential decree.
Under the terms of the Transaction, the transfer of Murphy's interest in, and operatorship of, the Ntem Concession to Sterling is now complete.
Ntem Concession
The Ntem Concession is a large under-explored block, in water depths ranging from 400m to 2,000m, in the prospective southern Douala - Rio Muni Basin, offshore Cameroon. The minimum work obligation for the current phase of the Ntem Concession was met by the drilling of the Bamboo-1 well in 2014.
Further Information
Further information can be found on Sterling Energy's website at www.sterlingenergyplc.com
Sterling Energy Plc
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Alastair Beardsall (Chairman) Eskil Jersing (CEO)
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Peel Hunt LLP | Tel: +44 20 7418 8900 |
Richard Crichton Ross Allister
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