Sterling Energy plc (the Company), the AIM listed oil and gas exploration company, announced Wednesday that its wholly owned subsidiary, Sterling Energy Mauritania Limited (SEML), has signed a sale and purchase agreement with Tullow Mauritania Limited (Tullow) to acquire a 13.5 percent interest in the Production Sharing Contract for Block C-10 (the PSC), located offshore in the Islamic Republic of Mauritania (the SPA).
The current holders of the PSC are:
Sale and Purchase Agreement
Under the terms of the SPA, on completion:
a) SEML will assume a 13.5 percent participating interest in the PSC from Tullow, including an entitlement to some of the past costs associated with the participating interest; and
Completion of the transaction remains subject to the approval by the Government of the Islamic Republic of Mauritania.
Following completion, the holders of the PSC will be:
SEML will finance the acquisition through existing cash resources.
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