Sterling picks up the pace

Issue 265 - 08 Nov 2013 | 1 minute read

As it changes its focus to new ventures, the UK’s Sterling Energy has farmed down 50% of its Ambilobe Block in Madagascar and taken a 10% stake in the Odewayne Block in Somaliland. Sterling will take 10% in Odewayne from Petrosoma for an initial $2m, and will be carried by operator Genel Energy for the cost of at least 1,500km of 2D seismic and an exploration well. Petrosoma is an affiliate of Jersey-registered Prime Resources, run by Somaliland-born lawyer and businessman Mohammed Yusef Ali Gurey.

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