27th Jan 2014 11:30
LONDON (Alliance News) - Sterling Energy PLC said Monday that it had obtained an additional 15% interest in the Odewayne Block after it completed a farmout agreement for the production sharing contract on the block, located onshore Republic of Somaliland, with Jack Resources Somaliland Ltd.
This brings Sterling's total interest in the block to 25%. Genel Energy Somaliland Ltd, the operator of the license, holds a 50% interest in the block. Petrosoma Ltd and Jack Resources had a 10% and 15% interest respectively.
"We now have a material position in the Odewayne Block, which we consider to be highly prospective," said Chairman Alastair Beardsall in a statement.
Shares in Sterling were trading up 2.6% at 50.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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