Sterling to acquire stake in Block C-10 from Tullow offshore Mauritania

Sterling Energy’s wholly-owned subsidiary, SEML will pay $50,000 for the stake.

Currently, Tullow owns 90% in the PSC as operator, while Société Mauritanienne des Hydrocarbures et de Patrimoine Minier (SMHPM) holds the remaining 10% stake.

Upon completion of the transaction, which is subject to approval, Tallow Mauritania will have 76.5% interest in PSC.

Sterling Energy chief executive officer Eskil Jersing said: "We consider the block highly prospective with a drill-ready prospect in an untested play segment.

"We look forward to working with Tullow in the exploration of this block on what is proving to be an exciting emerging margin."

Awarded in 2011, PSC is in the second phase of the explorationand comprises Block C-10, covering an area of approximately 10,725km².

Scheduled to expire on 30 November 2017, the current phase has a minimum work obligation of one exploration well, which is planned to be drilled in 2016.

Upon securing recently 3D seismic, Tullow plans to carry out a technical work to mature the drill ready Neocomian carbonate prospect, which was identified at depth of approximately 100m.

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