ExxonMobil, Sterling Energy relinquish Madagascar’s Ampasindava Block

Joint Venture partners ExxonMobil and Sterling Energy have announced that they have signed the relevant documentation with Office des Mines Nationales et des Industries Stratégique OMNIS to relinquish the Ampasindava Block.

According to the JV partners this follows a detailed subsurface re-assessment of the prospectivity of the Ampasindava Block by the joint venture and after discussions with the Office des Mines Nationales et des Industries Stratégiques (‘OMNIS’).

‘We would like to record our sincere thanks for the productive and mutually beneficial relationship we have had with all teams at Office des Mines Nationales et des Industries Stratégiques and the Government of Madagascar on the Ampasindava Block,’ said Sterling Energy Chief Executive Officer Eskil Jersing.

Sterling Energy retains the benefit of the ExxonMobil carry and does not expect to have any liabilities associated with such relinquishment.

ExxonMobil is the Operator with 70% working interest while Sterling Energy holds a 30% working interest with the latter’s costs in this block are carried up to a fixed gross amount.