Sterling Energy Subsidiary Completes Farm-In Deal In Somaliland

LONDON (Alliance News) - Sterling Energy Ltd Wednesday said its subsidiary Sterling Energy (East Africa) Ltd has completed a deal to acquire an interest in a potentially highly prospective oil block in the Republic of Somaliland.

The AIM-listed oil and gas exploration and production company said that it has farmed into the production sharing contract on the Odewayne Block with Petrosoma Ltd following government approvals.

Following completion, Sterling Energy (East Africa) Ltd will hold 10%, Petrosoma Ltd 10%, Jacka Resources Somaliland Ltd 30% and operator Genel Energy Somaliland Ltd the remaining 50%.

Sterling Energy shares were up 0.6% to 41.00 pence Wednesday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

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