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Friday, July 31, 2015
Sterling Energy reported that it has completed the sale and purchase agreement between its wholly owned subsidiary, Sterling Energy Mauritania Ltd. (SEML) and Tullow Mauritania Ltd. to acquire a 40.5% interest in the production sharing contract for Block C-3, located offshore Mauritania. Interest in the block is now as follows: Tullow (operator) 49.5%, SEML 40.5%, and SMHPM 10%.
The PSC, awarded in 2013, is in the first phase of the exploration period and covers Block C-3, offshore Mauritania, comprising an area of approximately 9,800 sq km. Phase 1 of the PSC is due to expire at the end of June 2016. Tullow has acquired 1,600 km of 2D seismic in 2014 which is now being evaluated. Completion of the acquisition and processing of the 2D seismic data represents the minimum work obligation during Phase 1.
Following completion of Phase 1, the JV may elect to enter into Phase 2 and Phase 3 (each with a three year term) with a minimum work obligation of 700 sq km of 3D seismic and one well, and one well, respectively.
SEML and Tullow will carry SMHPM’s ten percent (10%) interest proportionally during the exploration period of the PSC.
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