Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/sterling-energy-provides-operations-update-for-the.shtmlSterling Energy provides operations update for the Ntem Concession
Sterling Energy is pleased to provide the following update for the Ntem Concession, offshore Cameroon.
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Sterling Energy is pleased to provide the following update for the Ntem Concession, offshore Cameroon.
The Ntem Concession has been under force majeure since June 2005 as a result of overlapping maritime border claims by the Republic of Cameroon and the Republic of Equatorial Guinea. The border claims remain unresolved but the joint venture partners, Sterling Cameroon Limited ("Sterling") and Murphy Cameroon Ntem Oil Co., Ltd ("Murphy"), have now agreed, with Société Nationale des Hydrocarbures ("SNH"), the national oil company of Cameroon, to formally lift the declaration of force majeure in order to allow exploration activities to proceed.
The current exploration period (the "First Renewal Period") re-commenced on 22 January 2014 with a minimum work obligation of one exploration well in the remaining 15 months.
