Oil and gas exploration company, Sterling Energy plc, announced Wednesday that its wholly owned subsidiary, Sterling Energy (UK) Limited, has issued a notice of withdrawal from the Ambilobe block, offshore Madagascar to its joint venture partner Pura Vida Mauritius.
The withdrawal is anticipated to be completed by the end of July 2016 and Sterling does not expect to incur any material costs associated with the exit. Following the withdrawal, Sterling will cease to be the operator of the Ambilobe block.
Eskil Jersing, Sterling’s CEO, said in a company statement:
"We would like to record our sincere thanks for the productive and mutually beneficial relationship we have enjoyed with our joint venture partner Pura Vida, all of the teams at Office des Mines Nationales et des Industries Stratégiques (OMNIS) and the Government of Madagascar in relation to the Ambilobe Block.
Sterling has held an interest in the Ambilobe Block since 2004 and recently completed a fully carried 1,175km2 discretionary 3D survey in 2015. Given the challenging commercial landscape, we have made the disciplined decision to exit, focusing on shorter cycle revenue generating assets. We wish Pura Vida and OMNIS all the best for the future in unlocking the remaining potential on the Ambilobe Block."
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