Sterling Energy UK has issued a notice of withdrawal from the Ambilobe block, offshore Madagascar to its joint venture partner Pura Vida Mauritius.
Following the withdrawal, Sterling will cease to be the operator of the Ambilobe block.
The withdrawal is anticipated to be completed by the end of July 2016. The company does not expect to incur any material costs associated with the withdrawal.
Sterling has held an interest in the Ambilobe Block since 2004 and recently completed a fully carried 1175sq km discretionary 3D survey in 2015.
“Given the challenging commercial landscape, we have made the disciplined decision to exit, focusing on shorter cycle revenue generating assets,” Eskil Jersing, Sterling CEO said.
Last month, Sterling announced its withdrawal from the Block C-3 joint venture, offshore Mauritania.
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