PERTH, Australia – Pura Vida Energy NL has an agreement with Sterling Energy (UK) Ltd., a Sterling Energy Plc subsidiary, to farm-in to the Ambilobe block, offshore Madagascar. Ambilobe is adjacent to, and north of, the Ampasindava block where ExxonMobil is the operator.
Under the agreement, Pura Vida acquires a 50% interest in the Ambilobe PSC. Sterling will retain a 50% interest and operatorship. The farm-in agreement is conditional upon approval by the Government of Madagascar.