Sterling Energy PLC Odewayne, Republic of Somaliland (3914G)
05 August 2016 - 6:23PM
UK Regulatory
TIDMSEY
RNS Number : 3914G
Sterling Energy PLC
05 August 2016
05 August 2016
Odewayne, Republic of Somaliland
Sterling Energy plc (the "Company"), the AIM listed oil and gas
exploration company (AIM: SEY), is pleased to announce that the
Government of the Republic of Somaliland has granted a further 2
year extension to the current period of the Odewayne Production
Sharing Agreement ("PSA").
The expiry dates of the relevant exploration periods under the
PSA shall now be:
-- Third Period: 2 November 2018;
-- Fourth Period (optional): 2 May 2020;
-- Fifth Period (optional): 2 May 2021; and
-- Sixth Period (optional): 2 May 2022.
The minimum work obligations for the exploration periods remain
unchanged: (i) the acquisition of 500km of 2D seismic during the
Third Period; and (ii) the acquisition of 1,000km of 2D seismic and
one exploration well during the Fourth Period.
Sterling holds a 40% interest in the PSA and will be carried by
Genel (50% interest and Operator) for the costs of all exploration
activities during the Third and Fourth Periods of the PSA.
Eskil Jersing, the Company's Chief Executive Officer said:
"We would like to thank the Government of the Republic of
Somaliland and Genel for agreeing to the further 2 year extension.
We look forward to the commencement of the seismic campaign."
Further Information
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
Further information can be found on the Company's website at
www.sterlingenergyplc.com
Sterling Energy plc Tel: +44 20 7405 4133
Eskil Jersing (CEO)
Nick Clayton (Chairman)
Peel Hunt LLP Tel: +44 20 7418 8900
Richard Crichton
Ross Allister
This information is provided by RNS
The company news service from the London Stock Exchange
END
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