Sterling Energy plc has announced that it has concluded its withdrawal from the Ambilobe block, offshore Madagascar.

The company had announced two weeks ago that it would exit the block, in order to concentrate on short-term income generating assets.

Before Sterlings withdrawal, the company was the operator of the block with a 50% interest alongside Pura Vida also with 50%.

Upon its departure, the operator of the production sharing contract for the Ambilobe block will now be Pura Vida with a 100% interest.

Sterling had said that it anticipated to finalize the withdrawal by the end of July 2016, however the withdrawal has been completed nearly three months ahead of schedule.

“We would like to record our sincere thanks to Pura Vida and Office des Mines Nationales et des Industries Stratégiques (OMNIS) for the swift and efficient completion of the withdrawal process. We wish Pura Vida and OMNIS all the best in their future exploration efforts in the Ambilobe Block,” Eskil Jersing, Sterling Energy’s Chief Executive Officer, told Offshore Energy Today.

Anita Fatunji