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Sterling Energy loss narrow; searches for 'major' M%A target

Wednesday, 10th October 2018
Sterling Energy said its losses narrowed in the third quarter, while it continued to scope for a 'major' M&A deal.

Net losses for the three months through September amounted to $306k, compared to losses of $4.3m on-year.

Chief executive David Marshall said a technical understanding of the Odewayne exploration block in Somaliland continued, with initial seismic lines increasing imaging quality.

'Discussions with the JV on the progression of the block are ongoing and updates will made at the appropriate time,' Marshall said.

'Since my appointment in June, Sterling has progressed its efforts on securing a material M&A transaction,' he added.

'The appointment of GMP FirstEnergy as co-broker, coupled with the engagement of Pinsent Masons, adds to strengthen Sterling's ability to achieve the mandate.'

'We have a clear strategy and can move quickly and decisively for the right opportunity, leveraging our full cash balance of around $47m and technical capabilities to good effect.'

At 9:20am: (LON:SEY) Sterling Energy PLC share price was -0.05p at 11.1p

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