14th Nov 2013 16:41
LONDON (Alliance News) - Sterling Energy PLC Thursday said it has started a 1,363 km 2D seismic programme at its Ampasindava Block, located offshore Madagascar, designed to provide improved control over the large Sifaka prospect as well as to mature additional prospects in the oil block to drill-ready status.
The upstream oil and gas company holds a 30% stake in the project which is operated by ExxonMobil Exploration and Production Limited.
Sterling said discussions are ongoing with the seismic contractor on extending the 2D acquisition programme into the nearby Ambilobe Block.
Sterling's plan is to acquire 850 km of 2D data to mature currently identified leads into prospects.
It is also planning a follow-on programme in the Ambilobe Block to acquire 1,250 km² of 3D seismic data, designed to identify a drilling location.
All costs associated with the acquisition of both the 2D and 3D seismic programmes in the Ambilobe Block, up to a maximum cost of USD15 million, are carried by Pura Vida, a subsidiary of Pura Vida Energy NL Oil, a Australian oil explorer.
Earlier this month Sterling signed a farmout agreement for the production share contract of the Ambilobe Block with the company.
Further to the recently announced farmout, which awaits approval by the government of Madagascar, Sterling will on completion hold a 50% interest in, and will remain the operator of the Ambilobe.
The stock was trading at 42.90 pence Thursday afternoon, up 0.90 pence or 2.1%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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