By: Tom McIvor/Alliance News
Somalilandsun – Sterling Energy Ltd Wednesday said its subsidiary Sterling Energy (East Africa) Ltd has completed a deal to acquire an interest in a potentially highly prospective oil block in the Republic of Somaliland.
The AIM-listed oil and gas exploration and Production Company said that it has farmed into the production sharing contract on the Odweine Block with Petrosoma Ltd following government approvals.
Following completion, Sterling Energy (East Africa) Ltd will hold 10%, Petrosoma Ltd 10%, Jacka Resources Somaliland Ltd 30% and operator Genel Energy Somaliland Ltd the remaining 50%.
Sterling Energy shares were up 0.6% to 41.00 pence Wednesday.
By Tom McIvor; firstname.lastname@example.org; @TomMcIvor1
source: Alliance News Limited.