REG - Sterling Energy PLC - Withdrawal from Ambilobe, Madagascar <Origin Href="QuoteRef">SEY.L</Origin>

AfentraAnnouncement

28/04/2016 07:05

RNS Number : 5746W
Sterling Energy PLC
28 April 2016
28 April 2016
Withdrawal from Ambilobe, Madagascar
Sterling Energy plc (the "Company"), the AIM listed oil and gas exploration company (AIM: SEY), announces that its wholly owned subsidiary, Sterling Energy (UK) Limited, has issued a notice of withdrawal from the Ambilobe block, offshore Madagascar to its joint venture partner Pura Vida Mauritius. Following the withdrawal, Sterling will cease to be the operator of the Ambilobe block.
The withdrawal is anticipated to be completed by the end of July 2016. The Company does not expect to incur any material costs associated with the withdrawal.
Comment
Eskil Jersing, the Company's Chief Executive Officer said:
"We would like to record our sincere thanks for the productive and mutually beneficial relationship we have enjoyed with our joint venture partner Pura Vida, all of the teams at Office des Mines Nationales et des Industries Stratgiques (OMNIS) and the Government of Madagascar in relation to the Ambilobe Block.
Sterling has held an interest in the Ambilobe Block since 2004 and recently completed a fully carried 1,175km2 discretionary 3D survey in 2015. Given the challenging commercial landscape, we have made the disciplined decision to exit, focusing on shorter cycle revenue generating assets. We wish Pura Vida and OMNIS all the best for the future in unlocking the remaining potential on the Ambilobe Block."
Further Information
Further information can be found on the Company's website at www.sterlingenergyplc.com
Sterling Energy plc
Tel: +44 20 7405 4133 
Eskil Jersing (CEO)

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
  END
MSCQDLFLQZFXBBF