Sterling Energy completes acquisition of Murphy’s interest in the Ntem Concession
Sterling Energy Plc, the AIM listed oil and gas exploration company (AIM: SEY), provided an update on the transaction between its wholly owned subsidiary Sterling Cameroon Limited (“Sterling”) and Murphy Cameroon Ntem Oil Co., Ltd (“Murphy”) whereby Murphy will transfer its 50% interest in,and operatorship of, the Ntem Concession, offshore Cameroon (the “Ntem Concession”) to Sterling (the “Transaction”).
Ministerial approval of the Transaction has now been granted and will, in due course, be formally ratified by way of Presidential decree.
Under the terms of the Transaction, the transfer of Murphy’s interest in, and operatorship of, the Ntem Concession to Sterling is now complete.
The Ntem Concession is a large under-explored block, in water depths ranging from 400m to 2,000m, in the prospective southern Douala – Rio Muni Basin, offshore Cameroon. The minimum work obligation for the current phase of the Ntem Concession was met by the drilling of the Bamboo-1 well
Source: Sterling Energy