Sterling Gets Govt Consent for Madagascar Farm-out

Oil and gas junior Sterling Energy reported Wednesday that it has received consent from the Government of the Republic of Madagascar for a farm-out transaction involving its production sharing contract over the offshore Ambilobe Block.

The farm-out agreement, which has now been executed, sees Sterling retain 50 percent of its interest in the Ambilobe Block, while Pura Vida Mauritius has acquired the other 50 percent of the block.

Sterling Executive Chairman Alastair Beardsall commented in a company statement:

"We are very pleased to complete the farm-out 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 program to further investigate the potential of the Ambilobe Basin. Sterling's share of the seismic costs will be paid by Pura Vida."

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Aker Solutions to Buy Brazilian C.S.E (Oct 21)
 -  Sea Trucks Group Secures Work Offshore... (Oct 21)
 -  Shell Divests Non-Core Oil, Gas Proper... (Oct 21)
 -  Petrofac Appoints New CFO (Oct 21)
 -  Wheatstone LNG Development Start-Up in... (Oct 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Technical Coordinator
Expertise: Client Representative|Process Management|Technical Writing
Location: Houston, TX
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
Regional Manager - Saybolt
Expertise: Executive|Operations Management
Location: Linden, NJ
search for more jobs

Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours