Sterling Secures 2 Year Odewayne PSA Extension

Africa-focused Sterling Energy plc announced Friday that the Government of the Republic of Somaliland has granted a further 2 year extension to the current period of the Odewayne Production Sharing Agreement.

The minimum work obligations for the exploration periods remain unchanged. These include the acquisition of 310 miles of 2D seismic during the third period and the acquisition of 621 miles of 2D seismic and one exploration well during the fourth period.

Sterling holds a 40 percent interest in the PSA and will be carried by Genel (50 percent interest and operator) for the costs of all exploration activities during the third and fourth periods of the PSA.

“We would like to thank the Government of the Republic of Somaliland and Genel for agreeing to the further two year extension. We look forward to the commencement of the seismic campaign,” said Eskil Jersing, Sterling CEO.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  ExxonMobil Starts Fuels Production at ... (Sep 21)
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)


Most Popular Articles

From the Career Center
Jobs that may interest you
Contract Specialist
Expertise: Contracts Administration
Location: Lake Charles, LA
 
Division Order Analyst - DJ Land Administration
Expertise: Business Analyst|Commercial Management|Landman
Location: Denver, CO
 
Staff Land Analyst Job
Expertise: Lease Analyst
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours