Sterling Energy has signed a deal with Tullow Oil to acquire a 13.5% interest in the production sharing contract for Block C-10 in Mauritania in west Africa.
The company will pay Tullow $50,000 to buy the stake.
The transaction will see Tullow’s share in the licence drop to 76.5%.
The remaining 10% is owned by the Societe Mauritanienne des Hydrocarbures et de Patrimione Minier.
Eskil Jersing, the company’s chief executive officer, said: “We are very pleased to be joining Tullow and SMHPM in Block C10 in Mauritania, in addition to the recently announced inboard C3 block entry.
“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.”
