Sterling backs into offshore Mauritania concession

Offshore staff

LONDONSterling Energy has completed a farm-in to the production-sharing contract (PSC) for block C-10 offshore Mauritania.

The licensees are now:

Tullow Oil (operator)

76.5%

Sterling

13.5%

Société Mauritanienne des Hydrocarbures et de Patrimoine Minier

10%

The 10,725-sq km (4,141-sq mi) PSC, awarded in 2011, is in the second phase of the exploration period, due to expire on Nov. 30, 2017, with a minimum work obligation of one exploration well.

Block C-10 spans water depths of 50-2,400 m (164-7,874 ft), with full legacy 3D seismic coverage. Sterling says Tullow has matured a drill-ready Neocomian carbonate prospect in 100 m (328 ft) of water, likely to be drilled in 2017 at a cost less than the originally budgeted $77 million.

Following the completion of Phase 2, the partners may elect to enter Phase 3, which has a three-year term and a minimum work obligation of two wells.

The block is in a proven petroleum basin with various play-types, from Jurassic and lower Cretaceous carbonates to Cretaceous and Tertiary clastic plays.

Eskil Jersing, Sterling’s CEO, said: “As a result of recent play opening discoveries, this part of the West African margin has rapidly become an exciting new oil and gas province. The company looks forward to de-risking the remaining potential on block, including the deeper shelf carbonate play…”

12/01/2015

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