Sterling Energy Mauritania has completed the acquisition of a 13.5% working interest in the production sharing contract (PSC) from Tullow Mauritania for Block C-10 in offshore Mauritania.
Block C-10 lies in water depths of 50m to 2,400m with 3D seismic coverage and offers exposure to multiple play-types from the under-explored Jurassic and lower Cretaceous carbonates to Cretaceous and Tertiary clastic plays.
The PSC is 76.5% owned by Tullow as operator, 13.5% by SEML and the remaining 10% is owned by Société Mauritanienne (SMHPM).
Awarded in 2011, the PSC is in the second phase of the exploration period (Phase 2), which is set to expire on 30 November 2017 and has a minimum work obligation of one exploration well.
Tullow has matured a drill-ready Neocomian carbonate prospect in water depth of about 100m.
In order to test this prospect, an exploration well is planned to be drilled in 2017.
Once the second phase of PSC completes, the joint venture may opt to enter Phase 3, which has a three-year term with a minimum work obligation of two wells.
At the time of exploration period of the PSC, SEML and Tullow will carry SMHPM’s 10% interest proportionally.
Sterling Energy CEO Eskil Jersing said: “As a result of recent play opening discoveries, this part of the West African margin has rapidly become an exciting new oil and gas province.
“The company looks forward to de-risking the remaining potential on block, including the deeper shelf carbonate play, leading to an exploration well with Tullow in early 2017”
In July 2015, Sterling Energy completed its previously announced acquisition of 40.5% interest in the PSC for Block C-3 located offshore Mauritania from Tullow.