REG - Sterling Energy PLC - Update for Ambilobe Block (Madagascar) <Origin Href="QuoteRef">SEY.L</Origin>

AfentraAnnouncement

15/07/2015 14:42

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 km 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: +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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