17th Feb 2015 08:04
LONDON (Alliance News) - Sterling Energy PLC Tuesday said its wholly owned subsidiary has signed an agreement to fully acquire the Ntem concession offshore Cameroon.
The subsidiary, Sterling Cameroon Ltd, has signed an agreement with Murphy Cameroon Ntem Oil Co Ltd. Under the agreement, Murphy will transfer its entire 50% stake in the Ntem concession to Sterling, which will hold a 100% stake in the concession following the deal.
Sterling said it will not pay any consideration for the stake as Murphy has "withdrawn" from the concession, and Sterling will now operate the Ntem concession, it said.
Sterling shares were up 0.3% to 16.55 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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