Petroleum Africa
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Thursday, March 17, 2016
Sterling Energy’s subsidiary in Mauritania, Sterling Energy Mauritania Ltd. (SEML), submitted its notice of withdrawal to its JV partners in relation to Block C-3 offshore Mauritania. As part of the withdrawal, SEML will assign its entire 40.5% participating interest in the production sharing contract for Block C-3 to Tullow Mauritania at no cost to Tullow.
The minimum work obligations for Block C-3 have been completed. As a result, SEML will have no additional costs associated with the withdrawal.
Completion of the withdrawal remains subject to the approval by the Mauritanian government. Upon completion of the assignment the holders of the PSC will be: Tullow (operator) 90%; Société Mauritanienne des Hydrocarbures et de Patrimoine Minier 10%.
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