7th May 2015 09:04
LONDON (Alliance News) - Sterling Energy PLC on Thursday said it has signed the documentation to relinquish the licence to the Ampasindava block production sharing contract in Madagascar.
Sterling, which holds a 30% interest in the licence to Exxon's 70%, said it and Exxon have signed the relevant documentation with the country's Office des Mines Nationales et des Industries Stratégiques following a detailed re-assessment of the prospectivity of the block.
Sterling said it does not expect to face any liabilities associated with the relinquishment as Exxon is carrying its costs on the block up to a fixed amount.
"We would like to record our sincere thanks for the productive and mutually beneficial relationship we have had with all teams at Office des Mines Nationales et des Industries Stratégiques and the Government of Madagascar on the Ampasindava Block," said Sterling Chief Executive Eskil Jersing.
Sterling Energy shares were up 0.1% to 17.51 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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