Madagascar Consents to Farm-out of Ambilobe Block

Source: www.gulfoilandgas.com 12/4/2013, Location: Africa

On 1 November 2013, Sterling Energy Plc, the oil & gas exploration and production company, announced that its wholly owned subsidiary, Sterling Energy (UK) Limited (“Sterling”), had executed a Farmout Agreement for the Production Sharing Contract of the Ambilobe Block (the “PSC”), located offshore Madagascar, with Pura Vida Mauritius (“Pura Vida”).

The consent of the Government of the Republic of Madagascar to the transaction has been granted and completion under the Farmout Agreement has now occurred.

Following completion, the holders of the PSC are now:
- Sterling Energy (UK) Limited (Operator) 50%
- Pura Vida Mauritius 50%

Sterling Energy Plc.’s Executive Chairman, Alastair Beardsall, said:
“We are very pleased to complete the farmout process. The Ambilobe area is considered to be highly prospective, but remains largely unexplored. We are planning to acquire new seismic data as part of our 2014 work programme to further investigate the potential of the Ambilobe Basin, Sterling’s share of the seismic costs will be paid by Pura Vida.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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