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Monday, August 8, 2016
Sterling Energy and Genel (operator) had its license period for the Odewayne PSA in Somalia extended by a further two years by the government.
The expiry dates of the relevant exploration periods under the PSA have the third exploration period ending in November 2018 and the optional fourth period ending in May 2020. There is also an optional fifth and sixth period ending in May 2021 and May 2022 respectively.
The minimum work obligations for the exploration periods remain unchanged, calling for the acquisition of 500 km of 2D seismic during the third period and the acquisition of 1,000 km of 2D seismic and one exploration well during the fourth period.
Eskil Jersing, CEO of Sterling said “We would like to thank the Government of the Republic of Somaliland and Genel for agreeing to the further two-year extension. We look forward to the commencement of the seismic campaign.”
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