Sterling Signs Deal to Gain Complete Control of Cameroon Concession

Junior explorer Sterling Energy reported Tuesday that it has signed a deal with Murphy Cameroon Ntem Oil Company that will see Murphy transfer its 50-percent interest in, and operatorship of, the Ntem Concession, offshore Cameroon.

The Ntem Concession is a large under-explored block in water depths ranging from 1,312 feet to 6,562 feet in the southern Douala-Rio Muni Badin. The minimum work obligation for the current phase of the concession was met by the drilling of the Bamboo-1 well in 2014.

Sterling said that no consideration is payable by it for the transfer of Murphy's interest in Ntem and that following completion of the transaction it will hold 100 percent of the concession. Completion of the transaction remains subject to Cameroon government approval.

Sterling Executive Chairman Alastair Beardsall commented in a company statement:

"Following the withdrawal of Murphy, Sterling looks forward to working with Société Nationale des Hydrocarbures, the national oil company of Cameroon, to agree a forward plan to progress the exploration of this under-explored block."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

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
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Scottish Government Reveals New Subsea... (Jan 20)
 -  SOFF Secures Services Contract for Jan... (Jan 20)
 -  NPD Grants Lundin Permit for Appraisal... (Jan 20)
 -  Lion: AMT-1 Well Abandoned After Stuck... (Jan 20)
 -  Unite: Workers 'Deeply Unhappy' About ... (Jan 20)


Most Popular Articles

From the Career Center
Jobs that may interest you
Attorney I
Expertise: Contracts Administration|Legal
Location: Houston, 
 
Project Engineer/Project Manager
Expertise: Project Management
Location: Baton Rouge, 
 
Quality Engineer
Expertise: Process Control|Process Management|Reliability Engineer
Location: Chesterfield, MO
 
search for more jobs

Brent Crude Oil : $54.16/BBL 0.44%
Light Crude Oil : $51.37/BBL 0.56%
Natural Gas : $3.37/MMBtu 2.12%
Updated in last 24 hours