Sterling Energy plc reported Tuesday that its wholly owned subsidiary – Sterling Cameroon Limited, has signed a deal with Murphy Cameroon Ntem Oil Company that will see Murphy transfer its 50-percent interest in, and operatorship of, the Ntem Concession, offshore Cameroon.
The Ntem Concession is a large under-explored block in water depths ranging from 1,312 feet to 6,562 feet in the southern Douala-Rio Muni Badin. The minimum work obligation for the current phase of the concession was met by the drilling of the Bamboo-1 well in 2014.
In the press release, Sterling says
“No consideration is payable for the transfer of Murphy’s interest” in Ntem and that following completion of the transaction it will hold 100 percent of the concession. The release also observes that “Completion of the transaction remains subject to Cameroon Ministerial approval”.
Sterling Executive Chairman Alastair Beardsall commented in a company statement:
“Following the withdrawal of Murphy, Sterling looks forward to working with Société Nationale des Hydrocarbures, the national oil company of Cameroon, to agree a forward plan to progress the exploration of this under-explored block.”