REG - Sterling Energy PLC - Ampasindava Block, Madagascar <Origin Href="QuoteRef">SEY.L</Origin>

AfentraAnnouncement

15/07/2015 16:25

RNS Number : 4038M
Sterling Energy PLC
07 May 2015
7 May 2015
Ampasindava Block, Madagascar
Sterling Energy Plc, the AIM listed oil and gas exploration company (AIM: SEY) (the "Company"), provides the following update for the Ampasindava block, offshore Madagascar (the "Ampasindava Block"). 
Background
Sterling Energy (UK) Limited ("Sterling"), a wholly owned subsidiary of the Company, holds a 30% non-operated working interest in the Ampasindava Block PSC. The PSC is in Phase 3 of the Exploration Period, due to expire in July 2016. As a result of the farm-out of the Ampasindava Block to ExxonMobil Exploration and Production (Northern Madagascar) Limited ('ExxonMobil'), (70% working interest and Operator), Sterling's costs in this block are carried up to a fixed gross amount. 
Update
Following a detailed subsurface re-assessment of the prospectivity of the Ampasindava Block by the joint venture and after discussions with the Office des Mines Nationales et des Industries Stratgiques ("OMNIS"), ExxonMobil and Sterling have signed the relevant documentation with OMNIS to relinquish the Ampasindava Block. 
The Company retains the benefit of the ExxonMobil carry and does not expect to have any liabilities associated with such relinquishment. 
Comment 
Eskil Jersing, the Company's Chief Executive Officer commented:
"We would like to record our sincere thanks for the productive and mutually beneficial relationship we have had with all teams at Office des Mines Nationales et des Industries Stratgiques and the Government of Madagascar on the Ampasindava Block."
Further Information
Further information can be found on Sterling Energy's website at www.sterlingenergyplc.com
Sterling Energy Plc
Tel: +44 20 7405 4133 
Eskil Jersing (CEO)
Alastair Beardsall (Chairman)

Peel Hunt LLP
Tel: +44 20 7418 8900
Richard Crichton
Ross Allister


This information is provided by RNS
The company news service from the London Stock Exchange
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