Sterling Energy enters into farmout agreement offshore Madagascar

Sterling EnergyThe farmout agreement is for the Ambilobe Block located offshore Madagascar. (Image source: Philip Bouchard/Flickr)Sterling Energy has announced that its wholly owned subsidiary, Sterling Energy (UK), has signed a farmout agreement for the Production Sharing Contract (PSC) of the Ambilobe Block located offshore Madagascar

The agreement, which was signed with Pura Vida Mauritius, received consent from the Madagascan government.

Each of the companies now hold a 50 per cent stake in the block.

Alastair Beardsall, executive chairman of Sterling Energy, said, “We are very pleased to complete the farmout process. The Ambilobe area is considered to be highly prospective, but remains largely unexplored.

“We are planning to acquire new seismic data as part of our 2014 work programme to further investigate the potential of the Ambilobe Basin, Sterling's share of the seismic costs will be paid by Pura Vida,” he added.

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