Petroleum Africa
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Monday, February 1, 2016
Sterling Energy has chosen to withdraw from Mauritania’s Block C-3. The company submitted a notice of withdrawal to its JV partners and as part of the withdrawal, will assign its entire 40.5% participating interest in the PSC to Tullow Oil at no cost to Tullow.
The minimum work obligations for Block C-3 have been completed. As a result, Sterling will have no additional costs associated with the withdrawal.
Completion of the withdrawal remains subject to the approval by the government of Mauritania.
Block C-3 provided Sterling entry into an under explored area of the Mauritanian shelfal region with a newly acquired regional infill 2D seismic grid. In addition, Block C-3 provided protection acreage adjacent to the company’s other exploration interest in Block C-10.
The withdrawal from Block C-3 does not affect Sterling’s interest or activity in Block C-10 and the company looks forward to working with Tullow to mature the existing portfolio and finalize the planned well on Block C-10 for 2017.
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