Share Name Share Symbol Market Type Share ISIN Share Description
Sterling Energy Plc NEX:SEY.GB NEX Ordinary Share GB00B4X3Q493
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 9.025 8.60 9.45 9.025 9.0005 9.025 625 16:30:16
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Sterling Energy PLC Odewayne, Republic of Somaliland

13/09/2019 7:00am

UK Regulatory (RNS & others)


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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 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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September 13, 2019 02:00 ET (06:00 GMT)

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