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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).

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