Petroleum Africa
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Thursday, November 7, 2013
Sterling Energy confirmed that the farm-out agreement for the Odewayne Block onshore Somaliland has been completed. The company announced near the end of October that its wholly owned subsidiary, Sterling Energy (East Africa) Ltd. had executed an agreement for the PSC for the block with Petrosoma Ltd.
Sterling and Petrosoma receive the consent from the government which was needed for the farm-out agreement to be valid.
Following completion, the holders of the PSC are now Genel Energy Somaliland Ltd (operator) with 50%, Jacka Resources Somaliland Ltd. has a 30% stake, Sterling Energy with 10%, and Petrosoma the remaining 10%.
Sterling Energy’s chairman, Alastair Beardsall, said “We are very pleased to have completed the acquisition of a 10% interest in the Odewayne Block in Somaliland. We consider the Odewayne Block to be highly prospective and look forward to working with our joint venture partners in the exploration of this largely unexplored block.”
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