Somalilandsun- Sterling Energy subsidiary said the Government of Somaliland has consented to subsidiary Sterling Energy (East Africa) Ltd executing a Farm out Agreement for the Production Sharing Contract of the onshore Odweine Block with Jacka Resources Somaliland Ltd.
Pursuant to the Farmout Agreement, Sterling has obtained an additional 15% interest in the PSC. Sterling already held a 10% interest in the PSC pursuant to a transaction with Petrosoma Limited that completed on 6 November 2013.
Following completion, the holders of the PSC are now: Genel Energy Somaliland Limited (Operator) 50%; Sterling Energy (East Africa) Limited 25%; Petrosoma Limited 10%; Jacka Resources Somaliland Limited 15%.
