Sterling Energy plc, the AIM listed oil and gas exploration company, announces that its wholly owned subsidiary Sterling Cameroon Limited has issued a notice of surrender in relation to the Ntem Concession, offshore Cameroon.
The surrender will be effective by the end of December 2016. The Company does not expect to incur any material costs associated with the surrender.
Eskil Jersing, the Company’s Chief Executive Officer said:
“We are disappointed that we have been unable to reach an acceptable solution for all parties to advance operational activity on the Ntem Concession. Given the declaration of force majeure in May 2014, the remaining potential on the block and the challenging macro landscape, we have made the decision to formally surrender the Ntem Block. Our focus remains on securing transformative, exploitation led M&A opportunities.”
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