Ambilobe Block, Madagascar

RNS Number : 8679O

Sterling Energy PLC

02 June 2015

 



2 June 2015

Ambilobe Block, Madagascar

Sterling Energy plc ("Sterling" or the "Company"), the AIM listed oil and gas exploration company (AIM: SEY), is pleased to provide an update on operations in the Ambilobe Block, located offshore Madagascar.

Sterling, the operator of the Ambilobe Production Sharing Contract ("PSC"), has completed a 3D seismic survey of approximately 1100 km² over a high-graded portion of the Ambilobe Block. The acquisition was undertaken by CGG Services SA, on behalf of the Ambilobe joint venture partners Sterling and Pura Vida Mauritius ("Pura Vida").  The 3D survey was acquired on time and on budget.  Processing of the data will commence shortly to a pre-stack depth migration cube. Intermediary products will be available during the second half of 2015, allowing early interpretation with the final processed data, which is expected to be completed in Q1 2016.

Ambilobe Block

The Ambilobe PSC, awarded in 2004, is in Phase 2 of the Exploration Period with all minimum work commitments for the current phase completed.  In December 2013, Sterling completed a farm-out agreement with Pura Vida under which all costs associated with the acquisition of the discretionary 3D seismic programme were carried by Pura Vida. Sterling expects that the carry will cover all the costs of the 3D seismic survey. Sterling and Pura Vida each hold a 50% interest in the Ambilobe Block.

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

"We are pleased to have completed our 3D seismic operations, both safely and efficiently on the Ambilobe block. We look forward to receiving the processed seismic data to build upon our understanding of the sub-surface imaging of the basin which will assist the joint venture partners to determine the exploration activities on the block in 2016"

Further Information

Further information can be found on the Company'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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