Continental Focus, International Reach

Sterling Completes Mauritania Purchase

Tuesday, December 1, 2015

Sterling Energy saw the completion of the sale and purchase agreement between its wholly owned subsidiary, Sterling Energy Mauritania (SEML) and Tullow Mauritania to acquire a 13.5% working interest in the PSC for Block C-10. The holders of the PSC are now: Tullow (Operator) 76.5%; SEML 13.5%; Société Mauritanienne des Hydrocarbures et de Patrimoine Minier (SMHPM) 10%.

The PSC, awarded in 2011, is in the second phase of the exploration period and covers Block C-10, offshore Mauritania, comprising an area of approx. 10,725 sq km. Phase 2 of the PSC is due to expire on November 30, 2017 and has a minimum work obligation of 1 exploration well. Tullow has matured a drill ready Neocomian carbonate prospect in water depth of approx. 100m. The partners anticipate that an exploration well to test this prospect will be drilled in 2017.

Following the completion of Phase 2, the JV may elect to enter into Phase 3 (with a three-year term) with a minimum work obligation of two wells.


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