Sterling Energy receives contract extension from Somaliland government

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oil rig23AIM-listed oil and gas exploration company Sterling Energy has received a two-year extension from the Somaliland government for its Odewayne production sharing contract (PSC).

The Republic of Somaliland has established an Oilfield Protection Unit (OPU), which is expected to provide the level of security required by the in-country operators for future drilling operations.

The group holds a 40% stake in the PSC onshore Somaliland, which covers 22,840 square kilometres, the firm anticipates the OPU to be working by the end of the year.

Sterling announced last month its Ntem concession, offshore Cameroon would be plugged and abandoned after it failed to find commercial hydrocarbons.

Chairman Alastair Beardsall said: “We are pleased with the progress in creating the Oilfield Protection Unit and look forward to commencing seismic operations in the Odewayne area as soon as possible.

“We thank the government of the Republic of Somaliland for granting the two-year extension to allow for the necessary preparations to be made for the future conduct of operations in a safe and secure manner.”

As of 08:17 the share price had dropped 0.4% to 28.75p.

 Source:Digitallook.com

2 COMMENTS

  1. Dear Sterling Oil You may have noticed the publication of a leaked report by the UN warning Somaliland against the creation of the Oil Protection Unit. Ignore them. The UN bureaucracy is traditionally hostile to Somaliland because it sees as some sort of ‘rejection’ of its manadate and influence. The UN is generally hostile to African countries ‘breaking apart’ although interestingly, not equally hostile to say Balkan ones doing so.
    So keep calm and carry on. the UN has no influence over somaliland. It long burnt its political bridges with Hargeisa and is seen as an enemy of the people.

  2. ISterling Oil did the right thing and I don’t if such warnings from politicized UN employees could have any influence to Somaliland. Somaliland did more than enough for the last 22 years and respected UN resolutions. Today, it is time for progress of building the nations, employing thousands of young graduates from the universities, stopping the illegal immigration to Europe and other parts of the world. So, it was good for the UN representatives to pass positive report of improving country’s economy.
    We have seen so many such politicized UN representatives in Somaliland for the last 22 years, today the issue is different. Somaliland should see economic resources for its growing population, otherwise they will not be away from what is happening in neighbouring Somalia. Sothat, Somalilanders will work with anyone who is interested to work with them, and I believe will people share with me this view. UN is not a government nor has any powder to stop our progress, what they can is just to disperse lies and hidden policies, which do not work any more.
    I am sure they will beg us very soon.
    Mohammad
    Riyadh, Saudi Arabia

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