On 8th November 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 Jacka Resources Somaliland Limited (Jacka).
The consent of the Government of Somaliland to the transaction has been granted and completion under the Farmout Agreement has now occurred.
Pursuant to the Farmout Agreement, Sterling has obtained an additional 15% interest in the PSC. Sterling already held a 10% interest in the PSC pursuant to a transaction with Petrosoma Limited that completed on 6 November 2013.
Following completion, the holders of the PSC are now:
• Genel Energy Somaliland Limited (Operator) 50%
• Sterling Energy (East Africa) Limited 25%
• Petrosoma Limited 10%
• Jacka Resources Somaliland Limited 15%
Sterling Energy Plc.’s Chairman, Alastair Beardsall, said:
“We are very pleased to have completed the acquisition of an additional 15% interest in the Odewayne Block in Somaliland. We now have a material position in the Odewayne Block, which we consider to be highly prospective. We look forward to working with our joint venture partners in the exploration of this largely unexplored block.”
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