Sterling Energy has been given the go-ahead to farm out half of its stake in the Ambilobe block off Madagascar.
Pura Vida are set to take a 50% stake in the field after the Madagascar government approved Sterling’s farm-out plans.
The African-focused Australian exploration firm already has operations in Morocco and Gabon. It will pay costs up to £9.2million for the seismic work on the field.
“The Ambilobe area is considered to be highly prospective, but remains largely unexplored,” said Sterling chairman Alastair Beardsall.
“We are planning to acquire new seismic data as part of our 2014 work programme to further investigate the potential of the Ambilobe Basin.”
Sterling will remain operator of the licence.