Ntem Concession, Cameroon

RNS Number : 3240G

Sterling Energy PLC

05 August 2016

 

5 August 2016

Ntem Concession, Cameroon

Sterling Energy plc (the "Company"), the AIM listed oil and gas exploration company (AIM: SEY), announces that its wholly owned subsidiary Sterling Cameroon Limited has issued a notice of surrender in relation to the Ntem Concession, offshore Cameroon.

The surrender will be effective by the end of December 2016. The Company does not expect to incur any material costs associated with the surrender.

Comment

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

"We are disappointed that we have been unable to reach an acceptable solution for all parties to advance operational activity on the Ntem Concession. Given the declaration of force majeure in May 2014, the remaining potential on the block and the challenging macro landscape, we have made the decision to formally surrender the Ntem Block. Our focus remains on securing transformative, exploitation led M&A opportunities."

Further Information

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Further information can be found on the Company's website at www.sterlingenergyplc.com 

Sterling Energy plc	Tel: [phone]
Eskil Jersing (CEO) Nick Clayton (Chairman)
Peel Hunt LLP	Tel: [phone]
Richard Crichton Ross Allister

 

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