Sterling Energy today confirmed it had completed its withdrawal from the block C-3 located offshore the Islamic Republic of Mauritania.
The upstream firm, which has interests in Africa, acted as operator with a 90% stake in the asset. The Société Mauritanienne des Hydrocarbures et de Patrimoine Minier owns the remaining 10%.
Chief executive Eskil Jersing said: “We would like to record our sincere thanks to Société Mauritanienne des Hydrocarbures et de Patrimoine Minier and the Government of Mauritania for their understanding and assistance with the withdrawal from Block C-3. We remain committed to our assets in Mauritania and look forward to focussing our efforts on de-risking and maturing the remaining potential in Block C-10.”
The decision comes after 2D seismic results failed to show enough future potential, according the company leader.
He added: “In our opinion the newly acquired and processed regional 2D seismic has not sufficiently de-risked Block C-3 to enable Sterling to commit to enter into Phase 2 of the PSC due to begin in June 2016. The withdrawal from Block C-3 is entirely in-line with our approach of disciplined exploration.”