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Tuesday, February 17, 2015
Sterling Energy saw the approvals to extend the current phase on the Ampasindava and Ambilobe PSCs in Madagascar formally published in the Official Gazette of Madagascar, which was the final step in the approval process. The ministerial and presidential approvals came down in October 2014.
Sterling and its partners, ExxonMobil on the Ampasindava and Pura Vida Mauritius on the Ambilobe, have until July 2016.
The Ambilobe PSC, awarded in 2004, is in Phase 2 of the exploration period with all minimum work commitments for the current phase completed. In December 2013, Sterling completed a farm-out agreement with Pura Vida Mauritius under which all costs associated with the acquisition of a discretionary 3D seismic program, up to a maximum of $15 million, are carried by Pura Vida.
Sterling and Pura Vida each hold a 50% interest in the Ambilobe Block with Sterling as operator. Sterling and Pura Vida continue with planning of the 3D seismic program which is expected to commence in March.
The Ampasindava PSC was awarded in 2004 and is in Phase 3 of the exploration period. Sterling holds a 30% non-operated working interest. Under the terms of the farmin by ExxonMobil in 2005, Sterling’s share of exploration costs in this block is carried up to a fixed gross amount.
The company’s Executive Chairman, Alastair Beardsall, said: “We are pleased to receive approval for the extension of the current periods on both the Ambilobe and Ampasindava Blocks. Work continues on understanding the sub-surface potential of these two very large, undrilled exploration areas.’’
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