Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/sterling-energy-completes-acquisition-of-an-intere.shtmlSterling Energy completes acquisition of an interest in Block C-10
Sterling Energy says that completion has now occurred under the sale and purchase agreement between its wholly owned subsidiary, Sterling Energy Mauritania Limited(‘SEML’) and Tullow
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Sterling Energy says that completion has now occurred under the sale and purchase agreement between its wholly owned subsidiary, Sterling Energy Mauritania Limited(‘SEML’) and Tullow Mauritania Limited (‘Tullow’) to acquire a 13.5% working interest in the production sharing contract for Block C-10, located offshore in the Islamic Republic of Mauritania (the‘PSC’).
Block C-10 lies in water depths of 164 feet to 7,874 feet and the PSC, awarded in 2011, is currently in the second phase of the exploration period. Phase 2 of the PSC is due to expire Nov 30, 2017 and has a minimum work obligation of one exploration well. Following the completion of Phase 2, the PSC joint venture may elect to enter into Phase 3, which has a minimum work obligation of two wells.
