Petroleum Africa
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Wednesday, February 18, 2015
Sterling Energy seems to be going full throttle in Africa making two announcements in under a week for additional acreage. The latest has Sterling’s wholly owned subsidiary, Sterling Cameroon, signing an agreement with Murphy Cameroon Ntem Oil Co. whereby Murphy will transfer its 50% interest in, and operatorship of, the Ntem Concession to Sterling.
No consideration is payable for the transfer of Murphy’s interest. Completion of the transaction remains subject to Ministerial approval. Following completion, the Ntem Concession will be held 100% by Sterling Cameroon (operator).
The Ntem concession is a large under-explored block, in water depth ranging from 400 meters to 2,000 meters, in the prospective southern Douala-Rio Muni Basin, offshore Cameroon. The minimum work obligation for the current phase of the Ntem Concession was met by the drilling of the Bamboo-1 well in 2014.
Last week the company entered into a deal with Tullow Oil, signing a sale and purchase agreement (SPA) for a 40.5% interest in the PSC for Block C-3 located offshore Mauritania.
Sterling Energy’s executive chairman, Alastair Beardsall, said: “Following the withdrawal of Murphy, Sterling looks forward to working with SociétéNationale des Hydrocarbures, the national oil company of Cameroon, to agree a forward plan to progress the exploration of this under-explored block.”
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