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Wednesday, December 2, 2015
Sterling Energy revealed that it is aware that Cameroon’s state-run firm, Société Nationale des Hydrocarbures (SNH) has included a map on its website that indicates that Sterling’s Ntem Concession is an “open block”. Sterling Cameroon Ltd is the current holder of the Ntem Concession and disputes the Ministry and SNH’s rights to re-license the concession.
A force majeure was declared by Sterling over the Ntem Concession in early-May 2014 due to overlapping maritime border claims affecting the Ntem Concession by Cameroon and Equatorial Guinea. As a result, the First Renewal Period has been suspended since May 6, 2014 and therefore the Ntem Concession has not expired. In the event force majeure is lifted, approximately 10 months remain in the First Renewal Period.
The company reserves its rights in relation to the Ntem Concession and does not believe that the Ministry of Industry, Mines and Technological Development and/or SNH have the right to re-license the Ntem Concession. Sterling says it will continue to seek an appropriate resolution with the Ministry and SNH given the declaration of force majeure and the subsequent suspension of the First Renewal Period.
Eskil Jersing, the company’s CEO said: “Sterling is disappointed that SNH and the Ministry have decided to try to promote the Ntem Concession as available to the market. Sterling has been engaging SNH and the Ministry throughout 2015 and continues to seek a collaborative solution given the declaration of force majeure and subsequent suspension of the First Renewal Period from May 2014.”
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