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Sterling sells Philippines gas assets |
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Written by Business Weekly
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Friday, 06 May 2005 |
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AIM listed Sterling Energy, the oil & gas exploration and production company based in Harpenden, has sold its Philippines gas assets to Forum Energy Plc in return for an equity interest of 23 per cent in Forum.
AIM listed Sterling Energy, the oil & gas exploration and production company based in Harpenden, has sold its Philippines gas assets to Forum Energy Plc in return for an equity interest of 23 per cent in Forum. Forum Energy is a joint venture company specially created by Sterling Energy and Forum Energy Corporation to amalgamate and manage the energy assets of both companies in the Philippines region. While the deal is subject to shareholder approval, more than 80 have already undertaken to vote in favour at the EGM on May 18. It is intended that Forum Energy will seek admission to AIM later in 2005. Following the disposal, Sterling Energy will be focused on its core areas, the Gulf of Mexico and Africa. |
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