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Friday, November 15, 2013
Sterling Energy and ExxonMobil have launched a 1,363 km 2D seismic program on the Ampasindava Block in Madagascar. The program is designed to provide improved control over the large Sifaka prospect as well as to mature additional prospects in the Ampasindava Block to drill-ready status. Sterling holds a 30% interest in the Ampasindava PSC which is operated by ExxonMobil Exploration and Production (Northern Madagascar) Ltd.
Sterling also reported that discussions are in the works with the seismic contractor on the Ampasindava Block to extend the 2D acquisition program into its Ambilobe Block. Sterling’s plan is to acquire 850 km of 2D data to mature currently identified leads into prospects on the Ambilobe. The company is also planning for a follow-on program in the block to acquire 1,250 sq km of 3D seismic data, designed to identify a drilling location.
Under the terms of the company’s recently announced farm-out agreement with Pura Vida Mauritius, all costs associated with the acquisition of both the 2D and 3D seismic programs in the Ambilobe Block, up to a maximum cost of $15 million, are carried by Pura Vida. Further to the recently announced farm-out to Pura Vida, which awaits approval by the government of Madagascar, Sterling will on completion hold a 50% interest in, and will remain the operator of, the Ambilobe PSC.
Presidential approval was granted in July 2013 to extend the current phase of both the Ampasindava and Ambilobe PSCs to September 2015. These approvals have now been formally published in the Official Gazette of Madagascar.
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