Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Sterling Energy plc completes withdrawal from Block C-3 offshore Mauritania

Block C-3 is located adjacent to Tullow Oil (LON:TLW) operated Block C-10 where Sterling Energy still has a 13.5% interest.
Sterling Energy plc completes withdrawal from Block C-3 offshore Mauritania
Tullow Oil now has 90% of Block C-3.

Sterling Energy plc (LON:SEY) has confirmed to investors that it has now completed its exit from Block C-3, offshore Mauritania.

In January, the explorer revealed it had decided to leave the project because analysis of 2D seismic data acquired in 2014 had not sufficiently de-risked the block in order for the company to commit to the next phase of exploration.

The next phase of exploration was due to begin in June. Commitments under Phase 2 would’ve included the acquisition of 700 square kilometres of 3D seismic and drilling one exploration well.

Block C-3 is located adjacent to Tullow Oil (LON:TLW) operated Block C-10 where Sterling Energy still has a 13.5% interest. Tullow has 76.5% of Block C-10.

“We remain committed to our assets in Mauritania and look forward to focussing our efforts on de-risking and maturing the remaining potential in Block C-10," said Eskil Jersing, Sterling Energy chief executive.

Following Sterling Energy’s withdrawal from Block C-3, Tullow retains 90% of the project alongside the state’s Société Mauritanienne des Hydrocarbures et de Patrimoine Minier (SMHPM).

View full SEY profile View Profile

Sterling Energy plc Timeline

Related Articles

picture of oil facilities
August 14 2017
Echo has ‘two fantastic opportunities’ in Huayco and Rio Salado in Bolivia
offshore oil platform
September 21 2017
Hurricane is now on-track for 'first oil' in the first half of 2019
picture of oil rig
September 26 2017
The two wells drilled recently at Coora 1 chipped in an average 202 barrels

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use