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Sterling Energy: Ntem Concession, Cameroon
Sterling Energy Plc, the AIM listed oil and gas exploration company, is pleased to provide 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.

About Ntem Concession

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 in 2014.

About Sterling Energy

Sterling Energy Plc (AIM: SEY) is an upstream oil and gas company listed on AIM market of the London Stock Exchange.
Sterling is an experienced operator of international licences with a current focus on projects in Africa. The Company has interests in high potential exploration projects in Cameroon, Madagascar and Somaliland, and also has interests in a producing asset in Mauritania.

About Murphy Oil

Murphy Oil Corporation (NYSE:MUR) is an independent exploration and production company with a strong portfolio of global offshore and onshore assets delivering oil-weighted growth.
Murphy produces oil and/or natural gas in the United States, Canada, and Malaysia and conducts exploration activities worldwide.
Headquartered in El Dorado, Arkansas, Murphy has over 1,500 employees around the world.


Origine : Communiqué Sterling Energy

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