Sterling Withdraws from Ambilobe Block

Source: www.gulfoilandgas.com 4/28/2016, Location: Africa

Sterling Energy plc, the AIM listed oil and gas exploration company, announces that its wholly owned subsidiary, Sterling Energy (UK) Limited, has issued a notice of withdrawal from the Ambilobe block, offshore Madagascar to its joint venture partner Pura Vida Mauritius. Following the withdrawal, Sterling will cease to be the operator of the Ambilobe block.

The withdrawal is anticipated to be completed by the end of July 2016. The Company does not expect to incur any material costs associated with the withdrawal.

Eskil Jersing, the Company's Chief Executive Officer said:

"We would like to record our sincere thanks for the productive and mutually beneficial relationship we have enjoyed with our joint venture partner Pura Vida, all of the teams at Office des Mines Nationales et des Industries Stratégiques (OMNIS) and the Government of Madagascar in relation to the Ambilobe Block.

Sterling has held an interest in the Ambilobe Block since 2004 and recently completed a fully carried 1,175km2 discretionary 3D survey in 2015. Given the challenging commercial landscape, we have made the disciplined decision to exit, focusing on shorter cycle revenue generating assets. We wish Pura Vida and OMNIS all the best for the future in unlocking the remaining potential on the Ambilobe 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 

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