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February 17, 2015

Sterling Energy to take control of Ntem Concession, offshore Cameroon

Murphy Cameroon Ntem Oil has agreed to transfer its 50% interest and operatorship of the Ntem Concession, offshore Cameroon, to Sterling Energy.

Murphy Cameroon Ntem Oil has agreed to transfer its 50% interest and operatorship of the Ntem Concession, offshore Cameroon, to Sterling Energy.

Sterling will not pay any consideration for the stake and the transaction is subject to Cameroon Ministerial approval.

Sterling Cameroon will operate and hold 100% of the Ntem concession after completion of the transaction.

"Following the withdrawal of Murphy, Sterling looks forward to working with Société Nationale des Hydrocarbures to agree a forward plan to progress the exploration of this under-explored block."

The concession is located in the southern Douala – Rio Muni Basin. The minimum work obligation for the existing phase was met by the drilling of the Bamboo-1 well in April 2014.

The well was drilled in 1,600m of water and discovered no commercial hydrocarbons.

Sterling Energy executive chairman Alastair Beardsall said: "Following the withdrawal of Murphy, Sterling looks forward to working with Société Nationale des Hydrocarbures, the national oil company of Cameroon, to agree a forward plan to progress the exploration of this under-explored block."

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Sterling Energy is focused principally on high potential exploration opportunities in Africa.

The company has recently agreed to acquire a 40.5% interest in the production sharing contract (PSC) for the Block C-3 prospect in Mauritania from Tullow Mauritania.

Block C-3 is in its initial phase of exploration and is scheduled to expire on 30 June 2016. The block covers an area of approximately 9,800km².

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