On 28th October 2013, Sterling Energy Plc, announced that its wholly owned subsidiary, Sterling Energy (East Africa) Limited (Sterling), had executed a Farmout Agreement for the Production Sharing Contract of the Odewayne Block (the "PSC"), located onshore in the Republic of Somaliland, with Petrosoma Limited ("Petrosoma").
The consent of the Government of Somaliland to the transaction has been granted and completion under the Farmout Agreement has now occurred.
Following completion, the holders of the PSC are now:
Genel Energy Somaliland Limited (Operator) - 50%
Sterling Energy (East Africa) Limited - 10%
Petrosoma Limited - 10%
Jacka Resources Somaliland Limited - 30%