Sterling Buys Stake in Block C-3 Offshore Mauritania
Junior explorer Sterling Energy announced Tuesday that it has signed a deal with Tullow Mauritania Limited to buy a 40.5-percent interest in the production sharing contract for Block C-3, located offshore in the Islamic Republic of Mauritania.
The current holders of the PSC are Tullow Mauritania Limited, which has a 90-percent stake, and Société Mauritanienne des Hydrocarbures et du Patrimoine Minier, which holds 10 percent.
Sterling will pay $2.5 million for the 40.5-percent interest in the PSC, which will see Tullow retain a 49.5-percent stake.
Block C-3 is in its first phase of exploration and this is due to expire on June 30, 2016. The block covers an area of approximately 3,650 square miles.
Tullow has already acquired around 1,000 miles of 2D seismic data, which is due to be processed this year. Competion of the acquisition and processing of this data represents the minimum work obligation during Phase 1 of the exploration period.
Sterling Chairman Alastair Beardsall commented in a company statement:
"We are very pleased to be joining Tullow in Block C3 in Mauritania, which we consider to be highly prospective. Block C-3 has an active work program and we look forward to working with Tullow in the exploration of this largely unexplored block."
WHAT DO YOU THINK?
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.
- Ivory Coast Awards Tullow Two New Oil and Gas Blocks (Jan 17)
- UK's Tullow Oil Lifts Outlook On Higher Crude Prices, Output (Nov 08)
- Tullow Oil Signs Exploration Contracts Offshore Ivory Coast (Oct 11)
Company: Sterling Energy more info
- Sterling Energy Chairman Retires (May 11)
- Sterling Exits Ambilobe Block, Offshore Madagascar (Apr 28)
- Sterling Withdraws from Mauritania Block (Jan 29)