On 28th October 2013, Sterling Energy Plc, the AIM listed independent oil & gas exploration and production company, announced that its wholly owned subsidiary, Sterling Energy (East Africa) Limited (Sterling), had executed a Farmout Agreement for the Production Sharing Contract of the Odewayne Block (the “PSC”), located onshore in the Republic of Somaliland, with Petrosoma Limited (Petrosoma).
The consent of the Government of Somaliland to the transaction has been granted and completion under the Farmout Agreement has now occurred.
Following completion, the holders of the PSC are now:
• Genel Energy Somaliland Limited (Operator) 50%
• Sterling Energy (East Africa) Limited 10%
• Petrosoma Limited 10%
• Jacka Resources Somaliland Limited 30%
Sterling Energy Plc.’s Chairman, Alastair Beardsall, said:
“We are very pleased to have completed the acquisition of a 10% interest in the Odewayne Block in Somaliland. We consider the Odewayne Block to be highly prospective and look forward to working with our joint venture partners in the exploration of this largely unexplored block.”
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