Murphy signs over Cameroon offshore acreage to Sterling Energy

Submitted by Paddy Harris on Tue, 2015-02-17 10:01

17th February 2015

Sterling Energy has signed an agreement with Murphy Cameroon Ntem Oil Co., Ltd whereby Murphy will transfer its 50 per cent interest in, and operatorship of, the Ntem Concession, offshore Cameroon to Sterling

The Ntem Concession is a large under-explored block, in water depth ranging from 400 to 2,000 metres, in the prospective southern Douala – Rio Muni Basin, offshore Cameroon. Source: Sterling Energy

No consideration is payable for the transfer of Murphy’s interest and completion of the transaction remains subject to Cameroon ministerial approval.

Following completion, the Ntem Concession will be held 100 per cent by Sterling Cameroon Limited as the operator.

“Following the withdrawal of Murphy, Sterling looks forward to working with Société Nationale des Hydrocarbures, the national oil company of Cameroon, to agree a forward plan to progress the exploration of this under-explored block,” said Alastair Beardsall, Sterling Energy’s executive chairman.

The Ntem Concession is a large under-explored block, in water depth ranging from 400 to 2,000 metres, 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.