LONDON – Sterling Energy Plc (AIM: SEY) has signed an agreement with Murphy Cameroon Ntem Oil Co. Ltd. whereby Murphy will transfer its 50% interest in, and operatorship of, the Ntem concession offshore Cameroon to Sterling Cameroon Ltd.
Completion of the transaction remains subject to Cameroon ministerial approval. Following completion, the Ntem concession will be held 100% by Sterling Cameroon Ltd. (operator).
The Ntem concession is in water depths from 400 m to 2,000 m (1,312 ft to 6,562 ft), in the prospective southern Douala – Rio Muni basin. The minimum work obligation for the current phase of the concession was met by the drilling of the Bamboo-1 well in 2014.