30th Nov 2015 10:02
LONDON (Alliance News) - AIM-listed Sterling Energy PLC on Monday said it has completed the acquisition of an interest in Block C-10 in Mauritania, western North Africa, partnering with operator Tullow Oil PLC and Société Mauritanienne des Hydrocarbures et de Patrimoine Minier.
The upstream oil and gas company, which has interests in Africa, said that subsidiary Sterling Energy Mauritania Ltd has agreed with Tullow Mauritania Ltd to acquire a 13.5% working interest in the production sharing contract for Block C-10.
Tullow will have a 76.5% interest, while SMHPM will have a 10.0% interest.
"We are pleased to have the opportunity to partner with Tullow and SMHPM in the C-10 block in addition to the recent C-3 entry. As a result of recent play opening discoveries, this part of the West African margin has rapidly become an exciting new oil and gas province," Eskil Jersing, Sterling Energy's chief executive, said in a statement.
"The company looks forward to de-risking the remaining potential on block, including the deeper shelf carbonate play, leading to an exploration well with Tullow in early 2017," Jersing said.
Shares in Sterling Energy were down 3.6% at 13.25 pence on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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