Sterling Energy PLC - Odewayne, Republic of Somaliland
Odewayne, Republic of Somaliland
The expiry dates of the relevant exploration periods under the PSA shall now be:
· Third Period:
· Fourth Period (optional):
· Fifth Period (optional):
· Sixth Period (optional):
The minimum work obligations for the exploration periods remain unchanged: (i) the acquisition of 500km of 2D seismic during the Third Period; and (ii) the acquisition of 1,000km of 2D seismic and one exploration well during the Fourth Period.
Sterling holds a 40% interest in the PSA and will be carried by Genel (50% interest and Operator) for the costs of all exploration activities during the Third and Fourth Periods of the PSA.
"We would like to thank the Government of the Republic of Somaliland and Genel for agreeing to the further 2 year extension. We look forward to the commencement of the seismic campaign."
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Further information can be found on the Company's website at www.sterlingenergyplc.com
Tel: +44 20 7405 4133
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Tel: +44 20 7418 8900
This information is provided by RNS
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