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Tuesday, April 28, 2015
Sterling Energy commenced its planned 3D seismic survey of 1,250 sq km over a high-graded portion of the Ambilobe Block in Madagascar. The acquisition is being undertaken by CGG Services and completion is expected within 45-50 days. A further announcement regarding this survey will be made once acquisition is completed.
The Ambilobe PSCis in Phase 2 of the exploration period with all minimum work commitments for the current phase completed. In December 2013, Sterling completed a farm-out agreement with Pura Vida Mauritius under which all costs associated with the acquisition of the discretionary 3D seismic program, up to a maximum of $15 million, are carried by Pura Vida. Sterling expects that the carry will cover all the costs of the 3D seismic survey. Sterling and Pura Vida each hold a 50% interest in the Ambilobe Block with Sterling as operator.
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