Sterling Secures 2 Year Odewayne PSA Extension

Source: www.gulfoilandgas.com 8/5/2016, Location: Africa

Sterling Energy plc, the AIM listed oil and gas exploration company, is pleased to announce 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 (PSA).

The expiry dates of the relevant exploration periods under the PSA shall now be:

- Third Period: 2 November 2018;
- Fourth Period (optional): 2 May 2020;
- Fifth Period (optional): 2 May 2021; and
- Sixth Period (optional): 2 May 2022.

The minimum work obligations for the exploration periods remain unchanged: (i) the acquisition of 500km of 2D seismic during the Third Period; and (ii) the acquisition of 1,000km of 2D seismic and one exploration well during the Fourth Period.

Sterling holds a 40% interest in the PSA and will be carried by Genel (50% interest and Operator) for the costs of all exploration activities during the Third and Fourth Periods of the PSA.

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

“We would like to thank the Government of the Republic of Somaliland and Genel for agreeing to the further 2 year extension. We look forward to the commencement of the seismic campaign.”

For more information about related Opportunities and Key Players visit West Africa Projects


United Kingdom >>  8/8/2022 - The Operator of PEDL241, Egdon Resources U.K. Limited, has filed an appeal on behalf of the Joint Venture partnership against Lincolnshire County Coun...
Colombia >>  7/29/2022 - Petrobras confirms the discovery of natural gas accumulation in the Uchuva-1 exploratory well, drilled in deep waters of Colombia, 32 kilometers off t...

Ireland >>  7/29/2022 - Europa Oil & Gas, the AIM traded UK, Ireland and Morocco focused oil and gas exploration, development, and production company, has announced that the ...
United Arab Emirates >>  7/29/2022 - Abu Dhabi National Oil Company (ADNOC) announced today a second discovery of natural gas resources in the first exploration well in Abu Dhabi’s Offsho...

Gambia >>  7/28/2022 - FAR Limited an independent, Africa focused, oil & gas exploration company, provides its quarterly activities report for the quarter ended 30 June 2022...
Norway >>  7/27/2022 - Neptune Energy today announced drilling has commenced on the Ofelia exploration well in the Norwegian sector of the North Sea.

The well,...


Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.