Sterling completes Ambilobe block exit (Madagascar)

Sterling Energy plc has completed its withdrawal from the Ambilobe block, offshore Madagascar.

To remind, the AIM listed oil and gas exploration company on April 28, 2016, said its wholly owned subsidiary, Sterling Energy (UK) Limited would exit the block, to focus on shorter cycle revenue generating assets.

Prior to the exit from the block, Sterling was the operator and held a 50% interest in the block, with Pura Vida holding the other 50%.

The holder of the production sharing contract for the Ambilobe block is now Pura Vida Mauritius as operator with a 100% stake.

In its statement in April Sterling said it expected to complete the withdrawal by the end of July 2016, however the withdrawal has been completed almost three months ahead of schedule.

Eskil Jersing, Sterling Energy’s Chief Executive Officer said: “We would like to record our sincere thanks to Pura Vida and Office des Mines Nationales et des Industries Stratégiques (OMNIS) for the swift and efficient completion of the withdrawal process. We wish Pura Vida and OMNIS all the best in their future exploration efforts in the Ambilobe Block.”

Offshore Energy Today Staff

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