Sterling Completes Mauritania Block C-10 Stake Acquisition
Sterling Energy plc announced Monday that its wholly owned subsidiary, Sterling Energy Mauritania Limited (SEML), has completed a deal to acquire a 13.5 percent working interest in the production sharing contract for Block C-10, located offshore Mauritania, from Tullow Mauritania Limited.
Block C-10 lies in water depths of 164 feet to 7,874 feet and the PSC, awarded in 2011, is currently in the second phase of the exploration period. Phase 2 of the PSC is due to expire Nov 30, 2017 and has a minimum work obligation of one exploration well. Following the completion of Phase 2, the PSC joint venture may elect to enter into Phase 3, which has a minimum work obligation of two wells.
Eskil Jersing, Sterling’s CEO, commented in a company statement:
“We are pleased to have the opportunity to partner with Tullow and Société Mauritanienne des Hydrocarbures et de Patrimoine Minier in the C-10 block in addition to the recent C-3 entry. As a result of recent play opening discoveries, this part of the West African margin has rapidly become an exciting new oil and gas province. The company looks forward to de-risking the remaining potential on block, including the deeper shelf carbonate play, leading to an exploration well with Tullow in early 2017.”
Following the completion of the deal, Tullow holds a 76.5 percent operated interest in the offshore Mauritania PSC, SEML holds a 13.5 percent interest and SMHPM holds a 10 percent interest.
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