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Wednesday, February 11, 2015
Tullow Oil and Sterling Energy’s Mauritanian subsidiaries, Sterling Energy Mauritania and Tullow Mauritania, signed a sale and purchase agreement (SPA) that has Sterling acquiring a 40.5% interest in the PSC for Block C-3 located offshore Mauritania.
Under the terms of the SPA, upon completion Sterling will assume a 40.5% participating interest in the PSC from Tullow, including an entitlement to a corresponding interest in all past costs. Sterling will pay Tullow approximately $2.5million in consideration and repayment of past costs.
Completion of the transaction remains subject to the approval by the Mauritanian government.
The PSC was awarded to Tullow in 2013 and is in the first phase of the exploration period. Phase 1 of the PSC is due to expire on June 30, 2016. Tullowacquired 1,600km of 2D seismic in 2014 which will be processed during 2015. Completion of the acquisition and processing of the 2D seismic data represents the minimum work obligation during Phase 1.
Following completion of Phase 1, the joint venture may elect to enter into (a) Phase 2 and (b) Phase 3 (each with a three-year term) with a minimum work obligation of 700 sq km of 3D seismic and the drilling of one well, respectively.
Sterling Energy Plc’s Chairman, Alastair Beardsall said,“We are very pleased to be joining Tullow in Block C3 in Mauritania, which we consider to be highly prospective. Block C-3 has an active work program and we look forward to working with Tullow in the exploration of this largely unexplored block.”
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