Somaliland: Sterling Energy granted PSA extension by Republic of Somaliland

Date:

Sterling Energy plc (the “Company”), the AIM listed oil and gas exploration company (AIM: SEY), 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.”

Further Information

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

For more information, please visit : http://www.sterlingenergyuk.com

Wargane News
Wargane News
Delivers latest somali breaking news and information on the latest top stories, weather, business, entertainment, politics, and more.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Share post:

Subscribe

Popular

More like this
Related

Ethiopia: We are in full readiness to prevent any violence that may burn in our country, says Field Marshal Birhanu Jula

Filed Marshal Birhanu Jula underscored the fact that Ethiopian...

Ethiopian Premier Abbiy Ahmed maintains MoU with Somaliland will ultimately treatise

The Prime Minister of Ethiopia Abiy Ahmed Ali is...

President highlights Egyptian greed and hostility towards Somaliland

Somalia’s wish to capture Somaliland by force using Egyptian...

Abdirashid Dahabshiil hired me as I went about my duties of service to the community

Work and education were the two that I worked...