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Sterling Energy said the government of Somaliland had granted a continued extension to the current period of the Odewayne production sharing agreement.
The expiry dates would now be November 2 November 2020 for the third period of the agreement, and the same day in May in each year thereafter for the fourth, fifth and sixth periods.
The minimum work obligations for the exploration periods remained unchanged.
Sterling currently held a 34% interest in the production sharing agreement and would be carried by operator Genel for the costs of all exploration activities during the third and fourth periods of the agreement.