Romania: Sterling Up and Running at Ioana Gas Prospect

Sterling Resources has announced the commencement of drilling operations  at the Ioana gas prospect in Block 15 Midia in the Romanian Black Sea, utilizing the Grup Servicii Petroliere SA (“GSP”) cantilever-type jack-up drilling rig "GSP Jupiter".

The Ioana-1 well, which is located in a water depth of 91 metres, is targeting the Mid Pontian sandstone formation to a total well depth of 1,600 metres and is expected to take up to 30 days to complete.

Following the drilling of Ioana-1, the rig will be remobilized approximately 70 km to the north for the drilling of the Eugenia-1 well in oil prone Block 13 Pelican, in 55 metres water depth to an anticipated total depth of 2,300 metres. This well has three separate objectives. The shallower Oligocene target is a new play in the area. The other two targets are in the Eocene and Upper Cretaceous. OMV Petrom’s nearby Lebada field complex is believed to be producing from reservoirs in both the Eocene and Upper Cretaceous intervals. The estimated drilling time for this well is also 30 days.

"We are excited to resume our drilling program in the Romanian Black Sea with the arrival of the GSP Jupiter rig at the Ioana-1 drill site. Success at Ioana could greatly enhance the potential for a gas hub in the Midia block that already includes the Ana and Doina fields," stated Mark Beacom, Sterling's Vice President and General Manager for Romania. “The second well, Eugenia-1, will be the first to be drilled in the highly prospective, oil prone Pelican block which has existing hydrocarbon discoveries to the west and east.”

Midia Resources SRL, a wholly-owned subsidiary of Sterling, is the operator of the Midia and Pelican blocks. Approved joint venture partners are Petro Ventures Europe BV (20 percent) and Gas Plus International BV (15 percent).

More on Sterling Resources HERE