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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 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSEY
RNS Number : 3914G
Sterling Energy PLC
05 August 2016
05 August 2016
Odewayne, Republic of Somaliland
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.
Further information can be found on the Company's website at www.sterlingenergyplc.com
Sterling Energy plc Tel: +44 20 7405 4133 Eskil Jersing (CEO) Nick Clayton (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
MSCUVAWRNWAWRRR
(END) Dow Jones Newswires
August 05, 2016 04:23 ET (08:23 GMT)
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