Sterling starts seismic shoot offshore Madagascar
- Business & Finance
Sterling Energy Plc, the AIM listed oil & gas exploration company, has started its planned 3D seismic survey of 1,250 km² over a high-graded portion of the Ambilobe Block, located offshore Madagascar.
According to Sterling, the acquisition is being undertaken by CGG Services SA, on behalf of the Joint Venture Partners, and completion is expected within 45-50 days.
The Ambilobe PSC, awarded in 2004, is in Phase 2 of the Exploration Period with all minimum work commitments for the current phase completed. In December 2013, Sterling completed a farm-out agreement with Pura Vida Mauritius under which all costs associated with the acquisition of the discretionary 3D seismic programme, up to a maximum of $15 million, are carried by Pura Vida.
Sterling expects that the carry will cover all the costs of the 3D seismic survey. Sterling and Pura Vida each hold a 50% interest in the Ambilobe Block with Sterling as operator.
The company’s Chief Executive Officer, Eskil Jersing, said: “We are looking forward to safely and efficiently acquiring the first 3D seismic survey on the Ambilobe Block; providing valuable new data which will be used to identify potential drillable prospects.’’