logo-loader
RNS
viewSterling Energy plc

Odewayne, Republic of Somaliland

/**/ h1{margin:0cm;margin-bottom:.0001pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman","serif";text-decoration:underline;}h3{margin:0cm;margin-bottom:.0001pt;text-align:justify;line-height:150%;font-size:12.0pt;font-family:"CG Times (W1)","serif";}ol{margin-bottom:0cm;}ul{margin-bottom:0cm;}link{ color: blue }visited{ color: purple } .t{size:595.3pt 841.9pt;margin:45.1pt 46.2pt 70.9pt 70.9pt;}div.t{}p.an{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align: right}span.al{font-size: 11.0pt;font-family:"Calibri","sans-serif"}p.a,li.a,div.a{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";}span.aj{font-size:11.0pt;font-family:"Calibri","sans-serif"}p.ao{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight: bold; text-align: center}p.ap{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align: center}p.aq{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify}span.ag{font-size:11.0pt; font-family:"Calibri","sans-serif"} table.ar{width:514.8pt;margin-left:-5.4pt;border-collapse:collapse}tr.ac{height:11.45pt}td.ad{width:246.6pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.45pt}p.as{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight: bold}tr.aa{height:10.85pt}td.ab{width:504.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:10.85pt}tr.y{height:22.35pt}td.z{width:246.6pt;padding:0cm 5.4pt 0cm 5.4pt; height:22.35pt}td.x{width:246.6pt;padding:0cm 5.4pt 0cm 5.4pt; height:10.85pt}tr.v{height:22.9pt} td.w{width:246.6pt;padding:0cm 5.4pt 0cm 5.4pt; height:22.9pt} /**/
RNS Number : 1989M
Sterling Energy PLC
13 September 2019
 

 

 

13 September 2019

 

STERLING ENERGY PLC

 

Odewayne, Republic of Somaliland

 

Sterling Energy Plc ("Sterling" or the "Company"), the AIM listed oil and gas exploration company with a high potential exploration asset in Somaliland and an active strategy to deliver shareholder value through disciplined, exploration and production projects, is pleased to announce that the Government of the Republic of Somaliland has granted a continued extension to the current period of the Odewayne Production Sharing Agreement ("PSA").

 

The expiry dates of the relevant exploration periods under the PSA shall now be:

Third Period: 2 November 2020;

Fourth Period (optional): 2 May 2022;

Fifth Period (optional): 2 May 2023; and

Sixth Period (optional): 2 May 2024.

 

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 34% 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.

 

David Marshall, the Company's Chief Executive Officer said: "We would like to thank the Government of the Republic of Somaliland and Genel for agreeing to a continued extension. Sterling continues to support the operator during the reprocessing of the full 2D seismic dataset and we look forward to receiving the final deliverables in Q4 2019."








Sterling Energy Plc

Tel: +44 (0) 20 7405 4133



David Marshall, Chief Executive Officer

Michael Kroupeev (Chairman)




Peel Hunt LLP

Tel: +44 (0) 20 7418 8900



Richard Crichton

James Bavister

 

www.sterlingenergyplc.com                     

 

 

 

 

Ticker Symbol: SEY

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
MSCUUAKRKWAKAAR

Quick facts: Sterling Energy plc

Price: 8.9

Market: AIM
Market Cap: £19.58 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE