Completion of farmin to Odewayne Block

RNS Number : 3672S

Sterling Energy PLC

06 November 2013

 

6 November 2013

Completion of farmin to Odewayne Block (Republic of Somaliland)

On 28^th October 2013, Sterling Energy Plc, the AIM listed independent oil & gas exploration and production company (AIM: SEY), announced that its wholly owned subsidiary, Sterling Energy (East Africa) Limited ("Sterling"), had executed a Farmout Agreement for the Production Sharing Contract of the Odewayne Block (the "PSC"), located onshore in the Republic of Somaliland, with Petrosoma Limited ("Petrosoma"). 

The consent of the Government of Somaliland to the transaction has been granted and completion under the Farmout Agreement has now occurred.

Following completion, the holders of the PSC are now:

      Genel Energy Somaliland Limited (Operator)         50%

      Sterling Energy (East Africa) Limited                    10%

      Petrosoma Limited                                             10%

      Jacka Resources Somaliland Limited                   30%

Sterling Energy Plc.'s Chairman, Alastair Beardsall, said:

"We are very pleased to have completed the acquisition of a 10% interest in the Odewayne Block in Somaliland.  We consider the Odewayne Block to be highly prospective and look forward to working with our joint venture partners in the exploration of this largely unexplored block."

Details about Somaliland and the Odewayne Block can be found in Sterling's Investor Presentation which can be viewed on the Company's website at www.sterlingenergyplc.com.

Further information:
Sterling Energy Plc.	([phone])
Alastair Beardsall (Chairman) Phil Frank (Exploration Director)
Liberum Capital Limited	([phone])
Simon Atkinson Tim Graham
Peel Hunt LLP	([phone])
Andy Crossley Richard Crichton

 

END

 

 

MSCFMMGMFVDGFZM