Sterling Energy completes Odewayne additional farm-in

Sterling Energy subsidiary said the Government of Somaliland has consented to subsidiary Sterling Energy (East Africa) Ltd executing a Farmout Agreement for the Production Sharing Contract of the onshore Odewayne Block with Jacka Resources Somaliland Ltd.

Pursuant to the Farmout Agreement, Sterling has obtained an additional 15% interest in the PSC. Sterling already held a 10% interest in the PSC pursuant to a transaction with Petrosoma Limited that completed on 6 November 2013.

Following completion, the holders of the PSC are now: Genel Energy Somaliland Limited (Operator) 50%; Sterling Energy (East Africa) Limited 25%; Petrosoma Limited 10%; Jacka Resources Somaliland Limited 15%.

Story provided by StockMarketWire.com