Sterling completes transfer of stake in Cameroon's Ntem block from Murphy

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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...