Sterling Energy said it has been granted a further two-year extension to the current period of the Odewayne Production Sharing Agreement (PSA).
The expiry dates of the relevant exploration periods under the PSA shall now last up until 2022.
The minimum work obligations for the exploration period will remain unchanged, the company said.
Sterling holds a 40% interest in the PSA and will be carried by Genel for the costs of all exploration activities during the third and fourth period of the PSA.
Eskil Jersing, chief executive, said: “We would like to thank the Government of the Republic of Somaliland and Genel for agreeing to the further 2 year extension. We look forward to the commencement of the seismic campaign.”
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