Sterling Gets Madagascar Government’s Blessing for Ambilobe Farmout

On 1 November 2013, Sterling Energy Plc, an oil & gas exploration and production company, announced that it had executed a Farmout Agreement for the Production Sharing Contract of the Ambilobe Block (the “PSC”), located offshore Madagascar, with Pura Vida Mauritius .

The consent of the Government of the Republic of Madagascar to the transaction has been granted and completion under the Farmout Agreement has now occurred.

Following completion, the holders of the PSC are now: Sterling Energy (UK) Limited (Operator) 50% ; Pura Vida Mauritius 50%

Sterling Energy Plc.’s Executive Chairman, Alastair Beardsall, said:

“We are very pleased to complete the farmout process. The Ambilobe area is considered to be highly prospective, but remains largely unexplored. We are planning to acquire new seismic data as part of our 2014 work  programme to further investigate the potential of the Ambilobe Basin, Sterling’s share of the seismic costs will be paid by Pura Vida.”

[mappress]
December 04, 2013