Sterling Energy's Cameroon subsidiary has agreed a deal which will see it take over Murphy Cameroon Ntem Oil Co.'s 50% stake in the Ntem Concession, offshore Cameroon.
The move will mean Sterling now has 100% interest in the Ntem Concession, described by Sterling as a large under-explored block, in 400-2000m water depth, in the prospective southern Douala - Rio Muni Basin.
The minimum work obligation for the current phase of the Ntem Concession was met by the drilling of the Bamboo-1 well in 2014.
Sterling Energy Plc.'s Executive Chairman, Alastair Beardsall, said: "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."
Map from Sterling Energy.
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