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Friday, April 29, 2016
Just a few days after releasing it Interim Management Results for Q1, Sterling Energy announced it had issued a notice of withdrawal from the Ambilobe block, offshore Madagascar, to its JV partner Pura Vida Mauritius.
In its Interim Results the company said along with Pura Vida it was contemplating moving into Phase 3 of the PSC for the Ambilobe Block. However, days later the company issued its notice of withdrawal.
Following the withdrawal, Sterling will cease to be the operator of the Ambilobe block.
The withdrawal is anticipated to be completed by the end of July 2016. The company does not expect to incur any material costs associated with the withdrawal.
Eskil Jersing, the company CEO said: “We would like to record our sincere thanks for the productive and mutually beneficial relationship we have enjoyed with our joint venture partner Pura Vida, all of the teams at Office des Mines Nationales et des Industries Stratégiques (OMNIS) and the government of Madagascar in relation to the Ambilobe Block.
“Sterling has held an interest in the Ambilobe Block since 2004 and recently completed a fully carried 1,175 sq km discretionary 3D survey in 2015. Given the challenging commercial landscape, we have made the disciplined decision to exit, focusing on shorter cycle revenue generating assets. We wish Pura Vida and OMNIS all the best for the future in unlocking the remaining potential on the Ambilobe Block.”
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