Sterling Energy PLC Odewayne, Republic of Somaliland (1989M)
13 Settembre 2019 - 8:00AM
UK Regulatory
TIDMSEY
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
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END
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