17 Feb 2015 07:00
17 February 2015
Ntem Concession Cameroon
Sterling Energy Plc, the AIM listed oil and gas exploration company (AIM: SEY), announces today that its wholly owned subsidiary, Sterling Cameroon Limited ("Sterling"), has signed an agreement with 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 "Agreement").
No consideration is payable for the transfer of Murphy's interest. Completion of the transaction remains subject to Cameroon Ministerial approval. Following completion, the Ntem Concession will be held 100% by Sterling Cameroon Limited (Operator).
Ntem Concession
The Ntem Concession is a large under-explored block, in water depth 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.
Comment
Sterling Energy Plc.'s Executive Chairman, Alastair Beardsall, said:
"Following the withdrawal of Murphy, Sterling looks forward to working with Société Nationale des Hydrocarbures, the national oil company of Cameroon, to agree a forward plan to progress the exploration of this under-explored block."
Qualified Person
In accordance with the guidelines of the AIM Market of the London Stock Exchange, Mr Matthew Bowyer, Exploration Manager of Sterling Energy Plc, 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 Sterling Energy's website at www.sterlingenergyplc.com
Sterling Energy Plc
| Tel: +44 20 7405 4133 |
Alastair Beardsall (Chairman)
| |
Peel Hunt LLP | Tel: +44 20 7418 8900 |
Andy Crossley Richard Crichton |