Sterling Resources to Lead Offshore Efforts in Romania

Midia Resources SRL, a wholly owned subsidiary Sterling Resources Ltd, has entered into a contract with Grup Servicii Petroliere SA for the drilling of offshore exploration wells “Ioana” in Block XV Midia and “Eugenia” in Block XIII Pelican.

Midia, and its joint venture partners Petro Ventures Europe BV and Gas Plus International BV, will drill the two back-to-back wells, the Ioana well in Block XV Midia and the Eugenia well in Block XIII Pelican, using the cantilever drilling rig “GSP Jupiter”.

The first well is expected to spud in mid to late September.

The program calls for the drilling of Ioana in 93 m of water to target the Mid-Pontian sandstone to an anticipated total depth of 1,600 m. Eugenia, in 55 m of water to the north, will target three formations of Oligocene, Eocene, and Late Cretaceous age to 2,300 m.

Sterling is the operator of both blocks with a 65% working interest.

The drilling of Ioana and Eugenia re-establishes the joint ventures efforts, following amicable resolution with the state of Romania to explore this highly prospective concession. Success at Ioana could greatly enhance Sterling’s goal to establish a more substantial gas hub in the Midia block that already includes the Ana and Doina discoveries. Eugenia, on the other hand, represents the first exploration well to be drilled in the Pelican block,” stated Mark Beacom, Sterling’s Vice President and General Manager for Romania.

Following the discovery of gas by Exxon/OMV Petrom with the Domino-1 well some 35 km southeast of the Midia block, Sterling said that it has identified and evaluated three “exciting prospects.” The Anca, Maria and Nadia prospects, which are in water depths of between 100 and 120 metres, are believed by Sterling to be in similar formations to the Domino-1 well discovery.