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Sterling Energy acquires 40.5% interest in offshore Mauritania contract


Published Feb 11, 2015
Sterling Energy Plc-2

Sterling Energy says that its wholly owned subsidiary, Sterling Energy Mauritania Limited, has signed a sale and purchase agreement with Tullow Mauritania Limited to acquire a 40.5% interest in the Production Sharing Contract for Block C-3, located offshore in the Islamic Republic of Mauritania.

The current holders of the PSC are: •Tullow Mauritania Limited (Operator) 90% •Société Mauritanienne Des Hydrocarbures Et Du Patrimoine Minier (SMH) 10%

Sale and Purchase Agreement

Under the terms of the SPA, on completion: 1.Sterling will assume a 40.5% participating interest in the PSC from Tullow, including an entitlement to a corresponding interest in all past costs; and 2.Sterling will pay Tullow approximately US$2.5m in consideration and repayment of past costs.

Completion of the transaction remains subject to the approval by the Government of the Islamic Republic of Mauritania.

Tags: Sterling Energy Plc




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