4 Sep 2017 07:00
4 September 2017
ODEWAYNE, REPUBLIC OF SOMALILAND
Sterling Energy Plc ("Sterling" or the "Company"), the AIM listed oil and gas exploration and production company (AIM: SEY), is pleased to announce that the Government sponsored 2D seismic program of 1,000kms full fold data on the Odewayne Block was completed on the 24th August 2017. This part of the campaign satisfies and exceeds the minimum (500km) work obligation for the current third period, for which Sterling is fully carried by Genel for all costs. The Company expects initial processing results in Q4 2017 and will thereafter undertake its own technical evaluation of the data.
Sterling Energy Plc's CEO, Eskil Jersing, said:
"We are very pleased that this phase of the seismic campaign has completed on time and safely without incident. The initial brute stack 2D data is encouraging and provides the first detailed subsurface view in one of the last untested large frontier rift basins in Africa. We would like to congratulate the Ministry of Energy & Minerals for the successful completion of the acquisition of the first 1,000kms over the Odewayne block."
Further information: | |
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014. | |
Sterling Energy Plc | Tel: +44 20 7405 4133 |
Eskil Jersing (CEO) Michael Kroupeev (Chairman) | |
Peel Hunt LLP | Tel: +44 20 7418 8900 |
Richard Crichton Ross Allister | |