Petroleum Africa
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Tuesday, January 28, 2014
Sterling Energy confirmed that it had received approval from the government of Somaliland for the farm out of a stake in the Odewayne Block PSC. The agreement was between Sterling and Jacka Resources.
Completion of the deal under the farm-out agreement has now occurred.
Pursuant to the agreement, Sterling has obtained an additional 15% interest in the PSC. Sterling already held a 10% interest in the PSC pursuant to a transaction with Petrosoma Ltd. that completed on November 6.
Sterling Energy Plc.’s Chairman, Alastair Beardsall, said: “We are very pleased to have completed the acquisition of an additional 15% interest in the Odewayne Block in Somaliland. We now have a material position in the Odewayne Block, which we consider to be highly prospective. We look forward to working with our joint venture partners in the exploration of this largely unexplored block.”
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