Sterling Energy Plc has provided an update on the transaction between its wholly owned subsidiary Sterling Cameroon Ltd. (Sterling) and Murphy Cameroon Ntem Oil Co. Ltd. whereby Murphy will transfer its 50% interest in, and operatorship of, the Ntem Concession, offshore Cameroon to Sterling.
Ministerial approval of the transaction has now been granted and will be formally ratified by way of presidential decree. Under the terms of the transaction, the transfer of Murphy’s interest in, and operatorship of, the Ntem Concession to Sterling is now complete.
The Ntem Concession is a large under-explored block in water depths ranging from 1,312 feet (400 meters) to 6,561 feet (2,000 meters) 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.