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Thursday, December 5, 2013
The farm out initiated by Sterling Energy for a portion of its stake in Madagascar’s Ambilobe Block with Pura Vida has been approved by the government. The deal, first announced in early-November, is now complete.
Following completion, the holders of the PSC are now Sterling Energy (UK) Ltd. as operator with a 50% stake and Pura Vida Mauritius with a 50% stake.
Sterling’s executive chairman, Alastair Beardsall, said: “We are very pleased to complete the farm-out process. The Ambilobe area is considered to be highly prospective, but remains largely unexplored. We are planning to acquire new seismic data as part of our 2014 work program to further investigate the potential of the Ambilobe Basin, Sterling’s share of the seismic costs will be paid by Pura Vida.”
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