3rd Jun 2015 07:47
LONDON (Alliance News) - Sterling Energy PLC on Wednesday said it has entered into an agreement with a subsidiary of FTSE 250-listed Tullow Oil PLC to acquire a 13.5% stake in the production sharing contract for Block C-10 in Mauritania in west Africa.
Sterling will pay Tullow's local unit USD50,000 in cash to buy the stake, which will mean Tullow's stake in the licence falls to 76.5%. The remaining 10% is owned by the Société Mauritanienne des Hydrocarbures et de Patrimoine Minier.
Sterling said it will fund the deal from existing cash resources.
Shares in Sterling were up 1.1% to 17.69 pence on Wednesday. Tullow Oil shares were down 0.2% at 396.90p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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