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Sterling Energy - Farm-out boosts exploration upside

May 2005

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Sterling has just signed a "farm-out" deal to bring in Malaysian oil & gas firm, Markmore Energy, as a partner in its Dome Flore offshore licence, which covers a block in West Africa, offshore Senegal and Guinea Bissau. Markmore will be given a 55% stake as well as the operatorship of the licence, with Sterling retaining a 30% interest. In return, Markmore has agreed to pay Sterling for the following costs: previous work done on the licence, a new feasibility study and Sterling's costs of an exploration well in 2006/7, plus a bonus if a discovery is made. This "farm-out" effectively brings this large 800m barrel prospect into play in a block where some of the previous wells have found oil. ...

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