Sterling noted the announcement by the Kurdistan Regional Government of Iraq, which has nominated the Korean National Oil Company to receive the Third Party Interest allocation of 20% in the Sangaw North Block.
Sterling entered into a Production Sharing Contract with the KRG in respect of the Sangaw North exploration Block, Kurdistan on November 10, 2007. As previously announced, Sterling's initial 100% interest in the PSC was subject to back-in rights for the KRG and a Third Party. Following the allocation of the Third Party interest to KNOC, Sterling's interest in the Block will be 80%.
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