Sterling Energy plc, the AIM listed oil and gas exploration company, is pleased to announce that the Government of the Republic of Somaliland has granted a further 2 year 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 2018;
- Fourth Period (optional): 2 May 2020;
- Fifth Period (optional): 2 May 2021; and
- Sixth Period (optional): 2 May 2022.
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.
Eskil Jersing, the Company’s Chief Executive Officer said:
“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.”
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