ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

SEY Sterling Energy Plc

16.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Sterling Energy Plc LSE:SEY London Ordinary Share GB00B4X3Q493 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 16.50 16.10 16.90 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Sterling Energy PLC Odewayne, Repubilc of Somaliland (2548B)

03/04/2017 7:00am

UK Regulatory


Sterling Energy (LSE:SEY)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Sterling Energy Charts.

TIDMSEY

RNS Number : 2548B

Sterling Energy PLC

03 April 2017

3 April 2017

ODEWAYNE, REPUBILC OF SOMALILAND

Sterling Energy Plc ("Sterling" or the "Company"), the AIM listed oil and gas exploration and production company (AIM: SEY), is pleased to announce that it has agreed with Petrosoma Limited ("Petrosoma") to revised terms of the Farmout Agreement between Sterling Energy (East Africa) Limited ("SEEAL") and Petrosoma dated October 2013 (the "Farmout Agreement"). The revised terms will reduce the amounts due by SEEAL to Petrosoma and reduce SEEAL's interest in Odewayne by 6%.

Pursuant to the Farmout Agreement, SEEAL purchased a 10% interest in the Odewayne Production Sharing Agreement ("PSA") from Petrosoma. SEEAL purchased an additional 30% in other transactions with Jacka Resources Somaliland Limited.

The Farmout Agreement included future contingent consideration totalling US$8m from SEEAL to Petrosoma. The Farmout Agreement has been amended so that the parties will cancel the US$8m contingent consideration in return for: (i) a payment by SEEAL to Petrosoma of US$3.5m; and (ii) a transfer from SEEAL to Petrosoma of a 6% interest in the PSA.

Completion of the transfer of the participating interest remains subject to approval of the Government of Somaliland. Upon such approval, SEEAL will retain a 34% interest in the Odewayne Block, fully carried by Genel Energy for its share of the costs of all exploration activities during the Third and Fourth Periods of the PSA.

Further to the Company's statement on 20 March 2017, the Company anticipates that the 2D seismic campaign on the Odewayne Block will commence in Q2 2017.

Sterling Energy Plc.'s CEO, Eskil Jersing, said:

"We are very pleased to have amended the terms of the Farmout Agreement for the Odewayne Block so as to reduce our overall cash exposure. We retain a material stake in the Odewayne Block and look forward to the commencement of the 2D seismic campaign."

 
 Further information: 
 
 This announcement is inside information for the 
  purposes of Article 7 of Regulation 596/2014. 
 
 Sterling Energy Plc            Tel: +44 20 7405 4133 
 
 Eskil Jersing (CEO) 
  Michael Kroupeev (Chairman) 
 
 Peel Hunt LLP                  Tel: +44 20 7418 8900 
 
 Richard Crichton 
  Ross Allister 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

AGRUAANRBKAOOAR

(END) Dow Jones Newswires

April 03, 2017 02:00 ET (06:00 GMT)

1 Year Sterling Energy Chart

1 Year Sterling Energy Chart

1 Month Sterling Energy Chart

1 Month Sterling Energy Chart

Your Recent History

Delayed Upgrade Clock