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Sterling Resources to Start Black-Sea Drilling in September

Sterling Resources Plc 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 and OMV Petrom SA 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.”

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