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Friday, May 8, 2015
Sterling Energy and ExxonMobil, partners on Madagascar’s Ampasindava Block, have decided to exit the asset. According to Sterling, who holds a 30% interest in the block, the PSC for the asset is in Phase 3 of the exploration period which expires in July of next year.
Following a detailed subsurface re-assessment of the prospectivity of the Ampasindava Block by the joint venture and after discussions with OMNIS, ExxonMobil and Sterling have signed the relevant documentation with OMNIS to relinquish the Ampasindava Block. Sterling, who is carried by ExxonMobil, retains the benefit of the carry and does not expect to have any liabilities associated with such relinquishment.
Eskil Jersing, the Company’s Chief Executive Officer commented “We would like to record our sincere thanks for the productive and mutually beneficial relationship we have had with all teams at Office des Mines Nationales et des Industries Stratégiques and the Government of Madagascar on the Ampasindava Block.”
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