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.
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