Ampasindava Block, Madagascar

RNS Number : 4038M

Sterling Energy PLC

07 May 2015

 



7 May 2015

Ampasindava Block, Madagascar

Sterling Energy Plc, the AIM listed oil and gas exploration company (AIM: SEY) (the "Company"), provides the following update for the Ampasindava block, offshore Madagascar (the "Ampasindava Block"). 

Background

Sterling Energy (UK) Limited ("Sterling"), a wholly owned subsidiary of the Company, holds a 30% non-operated working interest in the Ampasindava Block PSC. The PSC is in Phase 3 of the Exploration Period, due to expire in July 2016. As a result of the farm-out of the Ampasindava Block to ExxonMobil Exploration and Production (Northern Madagascar) Limited ('ExxonMobil'), (70% working interest and Operator), Sterling's costs in this block are carried up to a fixed gross amount. 

Update

Following a detailed subsurface re-assessment of the prospectivity of the Ampasindava Block by the joint venture and after discussions with the Office des Mines Nationales et des Industries Stratégiques ("OMNIS"), ExxonMobil and Sterling have signed the relevant documentation with OMNIS to relinquish the Ampasindava Block.

The Company retains the benefit of the ExxonMobil carry and does not expect to have any liabilities associated with such relinquishment.

Comment

Eskil Jersing, the Company's Chief Executive Officer commented:

"We would like to record our sincere thanks for the productive and mutually beneficial relationship we have had with all teams at Office des Mines Nationales et des Industries Stratégiques and the Government of Madagascar on the Ampasindava Block."

Further Information

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

Sterling Energy Plc	Tel: [phone]
Eskil Jersing (CEO) Alastair Beardsall (Chairman)
Peel Hunt LLP	Tel: [phone]
Richard Crichton Ross Allister

 

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