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Sterling Energy announces farmin to Odewayne Block


Published Oct 29, 2013
Sterling Energy

Sterling Energy announce that its wholly owned subsidiary, Sterling Energy (East Africa) Limited, has signed a Farmout Agreement for the Production Sharing Contract of the Odewayne Block (the "PSC"), located onshore in the Republic of Somaliland, with Petrosoma Limited.

The current holders of the PSC are:

Genel Energy Somaliland Limited (Operator) - 50% Petrosoma Limited - 20% Jacka Resources Somaliland Limited - 30%

Under the terms of the Farmout Agreement, Sterling will on completion:

a) assume a 10% interest in the PSC from Petrosoma;

b) pay Petrosoma US$2 million with future conditional payments of $8m based on various operational milestones being met; and

c) be carried by Genel for the costs of all exploration activities during

i. the Third Period of the PSC (expiring November 2014) with an outstanding minimum work obligation of 500 km of 2D seismic; and ii. the Fourth Period of the PSC (expiring May 2016) with a minimum work obligation of 1,000 km of 2D seismic and one exploration well

Tags: Sterling Energy Plc




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