Sterling Resources to Start Black-Sea Drilling in September

Sterling Resources Plc (SLG) of Canada said its Romanian unit contracted Grup Servicii Petroliere SA to start drilling two off-shore wells in the Black Sea.

Sterling’s Midia Resources SRL in a joint venture with Petro Ventures Europe BV and Gas Plus International BV plan to use GSP’s “Jupiter” jack-up rig to start drilling the two back-to-back wells “in mid to late September,” the Calgary- based company said in a statement today.

The three companies said last October they plan to invest $500 million to $1 billion in Black Sea oil exploration in Romania in the following period.

Following the discovery of gas by Exxon Mobil Corp (XOM) and OMV Petrom SA (SNP) in a well at about 35 kilometers (21.7 miles) southeast of the Midia Black-Sea block, “three exciting prospects have been identified and evaluated,” Sterling said. “The Anca, Maria and Nadia prospects are believed to be in similar formations to the Petrom well discovery.”

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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