Sterling Energy, an oil and gas company with interests in Africa, has announced that its subsidiary Sterling Energy Mauritania has completed its withdrawal from Block C-3, offshore Mauritania.
Sterling announced in January 2016 the company would relinquish its stake in the Block C-3 after seismic data showed no firm reason to press ahead with exploration.
As part of the withdrawal, the company said it would assign its entire 40.5% participating interest in the production sharing contract for Block C-3 to Tullow, at no cost to Tullow.
The holders of the production sharing contract for Block C-3, located offshore Mauritania are now: Tullow Mauritania as operator with 90% interest, and Société Mauritanienne des Hydrocarbures et de Patrimoine Minier with 10% interest.
Eskil Jersing, the company’s Chief Executive Officer commented: “We would like to record our sincere thanks to Société Mauritanienne des Hydrocarbures et de Patrimoine Minier and the Government of Mauritania for their understanding and assistance with the withdrawal from Block C-3.
“We remain committed to our assets in Mauritania and look forward to focussing our efforts on de-risking and maturing the remaining potential in Block C-10.”