North Sea oil firm Sterling Resources has been given the green light for a farmout agreement on the Odewayne Block in the Republic of Somaliland.
In November last year, the firm announced plans to obtain an additional 15% interest in the production sharing contract (PSC) for the onshore block from Jacka Resources Somaliland Limited.
This has now been granted approval by the government of Somaliland, leaving Sterling with a 25% interest in the prospect – the firm already had a 10% interest following a deal with Petrosoma in November last year.
The partners in the prospect are Genel Energy as operator with a 50% interest, Sterling Energy (25%), Petrosoma (10%) and Jacka Resources (15%).
“We are very pleased to have completed the acquisition of an additional 15% interest in the Odewayne Block in Somaliland,” said Sterling chairman Alastair Beardsall.
“We now have a material position in the Odewayne Block, which we consider to be highly prospective. We look forward to working with our joint venture partners in the exploration of this largely unexplored block.”
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