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Wednesday, September 7, 2016
Sterling Energy saw its PSA for the Odewayne concession in Somaliland extended by two years. The expiry dates of the relevant exploration periods under the PSA shall now be; November 2, 2018 for the third period; May 2, 2020 for the fourth period; May 2, 2021 for the fifth period; and; May 2, 2022 for the sixth period.
The minimum work obligations for the exploration periods remain unchanged: (i) the acquisition of 500 km of 2D seismic during the Third Period; and (ii) the acquisition of 1,000 km of 2D seismic and one exploration well during the Fourth Period.
Sterling holds a 40% interest in the PSA and will be carried by Genel (50% interest and Operator) for the costs of all exploration activities during the Third and Fourth Periods of the PSA.
Eskil Jersing, the company’s CEO said: “We would like to thank the Government of the Republic of Somaliland and Genel for agreeing to the further 2-year extension. We look forward to the commencement of the seismic campaign.”
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