| CATEGORY: SMALL CAPS NEWS SECTOR: OIL & GAS PRODUCERS |
Sterling farms-out Madagascar licences |
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Tue 19 Jul 2005
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LONDON (SHARECAST) - Oil & gas exploration group Sterling Energy said it had signed a farm-out deal with ExxonMobil for the Ambilobe and Ampasindava offshore licences in Madagascar.
Under the agreement, ExxonMobil will pay for significant exploration work in those areas and in return receive 70% interests in the licenses.
“The signing of this deal with a partner such as ExxonMobil, with their extensive existing interests in Madagascar, reflects the potential of this acreage," said Sterling chief executive Harry Wilson.
He added that Sterling would benefit from the remaining 30% interest in the licences without the financial risk of carrying out explorations.
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