Sterling Announces Disappointing Results of First Offshore Well in Romania

Canada-based Sterling Resources announced that its first offshore exploration well in Romania did not find any hydrocarbon accumulations. 

"We are disappointed with the Muridava 1 well and that operating conditions prohibited the reaching of the full targeted depth. We have two more drilling locations on this Concession which we will be reviewing with the Operator and will likely return to drilling on this Block in 2015," Jake Ulrich, Sterling's CEO, stated in a note released on Friday.

Petroceltic Romania is the operator with 40% equity; Sterling Resource’s subsidiary Midia Resources holds 40% stake while Petromar Resources the remaining 20%.

Similarly, last November, Petroceltic International did not find commercial quantities of hydrocarbons at the Cobalcescu South-1 exploration well offshore Romania. 

Last January, the company sold its 65% interest in a portion of the Midia Block in the Romanian Black Sea to OMV Petrom and ExxonMobil Exploration and Production.

Natural gas production in Romania reached its peak in 1986 (39 Bcm/y) and has declined since to almost ¼ of that. The country is a mature hydrocarbon region with its core natural gas production located traditionally onshore. The Black Sea and the unconventional resources are frontier areas.