Murphy Cameroon Ntem Oil Co., Ltd (Murphy) will transfer its 50% interest in, and operatorship of, the Ntem Concession, offshore Cameroon to Sterling Energy’s subsidiary Sterling Cameroon Limited (Sterling).
Ministerial approval of the Transaction has now been granted and will, in due course, be formally ratified by way of Presidential decree, Sterling Energy said in the press statement.
Under the terms of the Transaction, the transfer of Murphy’s interest in, and operatorship of, the Ntem Concession to Sterling is now complete and the Ntem Concession is now 100% held by Sterling Cameroon Limited.
The Ntem Concession is a large under-explored block, in water depths 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.