Sterling Acquires 50% Interest in Ntem Concession

Source: www.gulfoilandgas.com 2/17/2015, Location: Africa

Sterling Energy Plc through its wholly owned subsidiary, Sterling Cameroon Limited, has signed an agreement with Murphy Cameroon Ntem Oil Co., Ltd whereby Murphy will transfer its 50% interest in, and operatorship of, the Ntem Concession, offshore Cameroon to Sterling.

No consideration is payable for the transfer of Murphy's interest. Completion of the transaction remains subject to Cameroon Ministerial approval. Following completion, the Ntem Concession will be held 100% by Sterling Cameroon Limited (Operator).

The Ntem Concession is a large under-explored block, in water depth ranging from 400m to 2,000m, in the prospective southern Douala - Rio Muni Basin, offshore Cameroon. The minimum work obligation for the current phase of the Ntem Concession was met by the drilling of the Bamboo-1 well in 2014.

Sterling Energy Plc.'s Executive Chairman, Alastair Beardsall, said:
"Following the withdrawal of Murphy, Sterling looks forward to working with Société Nationale des Hydrocarbures, the national oil company of Cameroon, to agree a forward plan to progress the exploration of this under-explored block."

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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 

Related Articles: 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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