Petroleum Africa
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Friday, April 10, 2015
Sterling Energy and Murphy Oil received ministerial approval of the transfer of Murphy Oil’s stake and operatorship in Cameroon’s Ntem Concession to Sterling. The transaction will be formally ratified by way of presidential decree in due course.
Under the terms of the transaction, the transfer of Murphy’s 50% interest in, and operatorship of, the Ntem Concession to Sterling is now complete.
The Ntem Concession is a large under-explored block, in water depths ranging from 400 meters to 2,000 meters, in the prospective southern Douala/Rio Muni Basin, offshore Cameroon. The minimum work obligation for the current phase of the Ntem Concession was met by the drilling of the Bamboo-1 well in 2014.
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