Sterling Rings Changes

AIM-listed Africa explorer Sterling Energy said May 11 its Executive Chairman Alastair Beardsall is retiring from the company with immediate effect after six years of service for “personal reasons” and will stand down from its board. Sterling CEO Eskil Jersing remains in post.

Sterling Energy has exploration assets in Cameroon, Mauritania and Somaliland; two days ago it exited from Madagascar after more than a decade.

Nicholas Clayton, who joined Sterling as a non-executive director in October 2009, will succeed Beardsall as non-executive chairman. Sterling also said Michael Kroupeev would join as a non-executive director; he founded oil and gas-focused investor Waterford which, with its subsidiaries, owns 29.9% of Sterling. After university in both Russia and the UK, Kroupeev began his career working for Dana Petroleum as a director in 1994 before founding Waterford in 1995.

In other Africa exploration news on May 11, UK-based North Africa and Italy explorer, Independent Resources, said May 11 that its extension of the Ksar Hadada permit until 6 August 2017 was formally approved by Tunisian authorities on May 5.

UK-based Morocco explorer Sound Energy said it had received final permission from Italy's Ministry of Economic Development to drill the Badile prospect onshore Italy, which it now plans to do this year. 

Finally the UK’s Premier Oil confirmed it has now exited its licence positions in Saharawi Arab Democratic Republic (Western Sahara).

Mark Smedley