Sterling Energy Plc, the AIM listed oil & gas exploration company (Sterling or the Company), provided Monday the following operations update on activities in the Ambilobe Block, located offshore Madagascar.
Sterling has commenced its planned 3D seismic survey of 483 square miles (1,250 square kilometers) over a high-graded portion of the Ambilobe Block. The acquisition is being undertaken by CGG Services SA, on behalf of the Joint Venture Partners, and completion is expected within 45-50 days. A further announcement regarding this survey will be made once acquisition is completed.
The Ambilobe PSC, awarded in 2004, is in Phase 2 of the Exploration Period with all minimum work commitments for the current phase completed. In December 2013, Sterling completed a farm-out agreement with Pura Vida Mauritius (Pura Vida) under which all costs associated with the acquisition of the discretionary 3D seismic program, up to a maximum of $15 million, are carried by Pura Vida. Sterling expects that the carry will cover all the costs of the 3D seismic survey. Sterling and Pura Vida each hold a 50 percent interest in the Ambilobe Block (the Joint Venture Partners) with Sterling as operator.
The Company’s CEO, Eskil Jersing said:
“We are looking forward to safely and efficiently acquiring the first 3D seismic survey on the Ambilobe Block; providing valuable new data which will be used to identify potential drillable prospects.’’
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