Sterling Energy Plc, the AIM listed oil and gas exploration company, provided Thursday an update on the transaction between its wholly owned subsidiary Sterling Cameroon Limited (Sterling) and Murphy Cameroon Ntem Oil Co., Ltd. (Murphy) whereby Murphy will transfer its 50 percent interest in, and operatorship of, the Ntem Concession, offshore Cameroon (the Ntem Concession) to Sterling (the Transaction).
Ministerial approval of the Transaction has now been granted and will, in due course, be formally ratified by way of Presidential decree.
Under the terms of the Transaction, the transfer of Murphy’s interest in, and operatorship of, the Ntem Concession to Sterling is now complete.
The Ntem Concession is a large under-explored block, in water depths ranging from 1,312 feet (400 meters) to 6,561 feet (2,000 meters), in the prospective southern Douala – Rio Muni Basin, offshore Cameroon. The minimum work obligation for the current phase of the Ntem Concession was met by the drilling of the Bamboo-1 well in 2014.
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