Sterling Resources has received documentation from the Romanian National Agency for Mineral Resources (NAMR) confirming the term of an offshore license in the Black Sea.
Offshore staff
CALGARY, Canada – Sterling Resources has received documentation from the Romanian National Agency for Mineral Resources (NAMR) confirming the term of an offshore license in the Black Sea.
The Romanian Black Sea partnership, holding the Midia and Pelican blocks, now comprises Sterling as operator with a 65% interest; PetroVentures Europe with 20%; and Gas Plus International with 15%.
The initial exploration period for the entire license expires in May 2014 with two additional three-year renewal terms also available under the concession agreement signed in August 2007.
Mike Azancot, Sterling’s president and CEO, said the approval would allow the company to resume exploration and appraisal in the Romanian offshore sector, and to pursue development of the Ana and Doina discoveries.
