REG - Sterling Energy PLC - Odewayne, Republic of Somaliland

AfentraAnnouncement

13/09/2019 07:05

RNS Number : 1989M
Sterling Energy PLC
13 September 2019
 


 
 
13 September 2019
 
STERLING ENERGY PLC
 
Odewayne, Republic of Somaliland
 
Sterling Energy Plc ("Sterling" or the "Company"), the AIM listed oil and gas exploration company with a high potential exploration asset in Somaliland and an active strategy to deliver shareholder value through disciplined, exploration and production projects, is pleased to announce that the Government of the Republic of Somaliland has granted a continued extension to the current period of the Odewayne Production Sharing Agreement ("PSA").
 
The expiry dates of the relevant exploration periods under the PSA shall now be:
Third Period: 2 November 2020;
Fourth Period (optional): 2 May 2022;
Fifth Period (optional): 2 May 2023; and
Sixth Period (optional): 2 May 2024.
 
The minimum work obligations for the exploration periods remain unchanged: (i) the acquisition of 500km of 2D seismic during the Third Period; and (ii) the acquisition of 1,000km of 2D seismic and one exploration well during the Fourth Period.
 
Sterling holds a 34% interest in the PSA and will be carried by Genel (50% interest and Operator) for the costs of all exploration activities during the Third and Fourth Periods of the PSA.
 
David Marshall, the Company's Chief Executive Officer said: "We would like to thank the Government of the Republic of Somaliland and Genel for agreeing to a continued extension. Sterling continues to support the operator during the reprocessing of the full 2D seismic dataset and we look forward to receiving the final deliverables in Q4 2019."







































Sterling Energy Plc


Tel: +44 (0) 20 7405 4133














David Marshall, Chief Executive Officer
Michael Kroupeev (Chairman)


















Peel Hunt LLP


Tel: +44 (0) 20 7418 8900














Richard Crichton
James Bavister
 
www.sterlingenergyplc.com                     
 


 
 
 
Ticker Symbol: SEY



 




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