Sterling Energy Plc will acquire a 50% interest and operatorship of an offshore Cameroon concession from Murphy Cameroon Ntem Oil Co.
Sterling has explained that no consideration is payable for the transfer of Murphy’s interest in the Ntem concession. Completion of the transaction remains subject to Cameroon Ministerial approval. Following completion, the Ntem Concession will be held 100% by Sterling Cameroon Limited (Operator).
The Ntem Concession is a large under-explored block, in water depth ranging from 400m to 2,000m, in the prospective southern Douala – Rio Muni Basin, offshore Cameroon. The minimum work obligation for the current phase of the Ntem Concession was met by the drilling of the Bamboo-1 well in 2014.
Sterling Energy Plc.’s Executive Chairman, Alastair Beardsall, said: “Following the withdrawal of Murphy, Sterling looks forward to working with Société Nationale des Hydrocarbures, the national oil company of Cameroon, to agree a forward plan to progress the exploration of this under-explored block.”