Business
Government Consents to farm-out of Ambilobe
Government Consents to farm-out of Ambilobe.
About this update from Afentra Plc
[{"type":"text","content":"\n \nRNS Number : 6239U Sterling Energy PLC 04 December 2013 \n\n \n4 December 2013\n \nGovernment Consents to farm-out of Ambilobe (Madagascar)\n \nOn 1 November 2013, Sterling Energy Plc, the oil & gas exploration and production company (AIM listed: code SEY), announced that its wholly owned subsidiary, Sterling Energy (UK) Limited (\"Sterling\"), had executed a Farmout Agreement for the Production Sharing Contract of the Ambilobe Block (the \"PSC\"), located offshore Madagascar, with Pura Vida Mauritius (\"Pura Vida\"). \n \nThe consent of the Government of the Republic of Madagascar to the transaction has been granted and completion under the Farmout Agreement has now occurred.\n \nFollowing completion, the holders of the PSC are now:\n \n· Sterling Energy (UK) Limited (Operator) 50%\n· Pura Vida Mauritius 50%\n \n \nSterling Energy Plc.'s Executive Chairman, Alastair Beardsall, said:\n \n\"We are very pleased to complete the farmout process. The Ambilobe area is considered to be highly prospective, but remains largely unexplored. We are planning to acquire new seismic data as part of our 2014 work programme to further investigate the potential of the Ambilobe Basin, Sterling's share of the seismic costs will be paid by Pura Vida.\"\n \n \nDetails 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.\n \n\n\n\n\nFurther information:\n\n\n\n\n\n\n\nSterling Energy Plc.\n\n\nTel: +44 20 7405 4133 \n\n\n\n\nAlastair Beardsall (Chairman)\nPhil Frank (Exploration Director)\n \n\n\n\n\n\n\n\nLiberum Capital Limited\n\n\nTel: +44 20 3100 2000\n\n\n\n\nSimon Atkinson\nTim Graham\n \n\n\n\n\n\n\n\nPeel Hunt LLP\n\n\nTel: +44 20 7418 8900\n\n\n\n\nAndy Crossley \nRichard Crichton\n \n\n\n\n\n\n\n\nSterling Energy's website can be found at www.sterlingenergyplc.com\n \n \n\nThis information is provided by RNSThe company news service f...