Update for Ambilobe Block (Madagascar)

RNS Number : 3331L

Sterling Energy PLC

27 April 2015

 



27 April 2015

Update for Ambilobe Block (Madagascar)

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

Sterling has commenced its planned 3D seismic survey of 1,250 km² over a high-graded portion of the Ambilobe Block. The acquisition is being undertaken by CGG Services SA, on behalf of the Joint Venture Partners, and completion is expected within 45-50 days. A further announcement regarding this survey will be made once acquisition is completed.

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 Mauritius ("Pura Vida") under which all costs associated with the acquisition of the discretionary 3D seismic programme, up to a maximum of US$15 million, are 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 (the "Joint Venture Partners") with Sterling as operator.

Details of the Ambilobe PSC can be found in Sterling's Investor Presentation which can be viewed on the Company's website at www.sterlingenergyplc.com.

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

"We are looking forward to safely and efficiently acquiring the first 3D seismic survey on the Ambilobe Block; providing valuable new data which will be used to identify potential drillable prospects.''

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

 

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