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Sterling Energy Completes 2D Seismic Acquisition off Madagascar

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Sterling Energy Plc, the AIM listed oil & gas exploration and production company, provided Monday an update on activities in its Ambilobe and Ampasindava Blocks, located offshore Madagascar.

An 816 mile (1,314 kilometer) 2D seismic acquisition program was completed on the Ampasindava Block in December 2013; the data will provide improved sub-surface imaging of the large Sifaka prospect and potentially mature additional prospects in the Ampasindava Block to drill-ready status. Processing of the new data has commenced. Sterling Energy (UK) Limited (Sterling) holds a 30 percent interest in the Ampasindava PSC which is operated by ExxonMobil Exploration and Production (Northern Madagascar) Limited.

A proposal to extend the 2D acquisition programme into the Ambilobe Block would have provided only limited new data and therefore Sterling and its joint venture partner, Pura Vida Mauritius (Pura Vida), have commenced planning a 482 square foot (1,250 square kilometer) 3D seismic program to be acquired in the second half of 2014 designed to identify a drilling location. Under the terms of the farmout agreement with Pura Vida, all costs associated with the acquisition of the 3D seismic program, up to a maximum cost of $15 million, are carried by Pura Vida. Sterling and Pura Vida each hold a 50 percent interest in the Ambilobe Block with Sterling as operator.

Sterling Energy Plc.’s Executive Chairman, Alastair Beardsall, said:

“The new 2D seismic data acquired on Ampasindava will facilitate the planning for an exploration well which is expected to spud in 2015 /16. The more detailed 3D program being planned for Ambilobe will focus on maturing some of the identified leads into potentially drill-ready prospects.”

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