Romania: Sterling Granted Stake in Muridava

Sterling Resources has heralded the increase of its presence in the Romania with the granting of an interest in the Muridava licence in the Romanian Black Sea.

The 40 per cent interest has been granted to Sterling subsidiary Midia Resources and is granted by the National Agency for Mineral Resources. Midia will partner with Melrose Resources Romania and Petromar Resources, who will now hold a 40 per cent and 20 per cent stake respectively.

The licence is granted for the concession for an initial period of three years with an option to extend the licence by three years past this time frame. Under the terms of the licence agreement, Midia, Melrose and Petromar will be required to undertake seismic acquisition and to drill three wells,

The Muridava, also known as Block 27, licence covers a 1,000 kilometre area in shallow water and is adjacent to another of Sterling's Romanian interests, the Pelican Block.

Sterling says the Muridva block contains "multiple exploration plays" including a previously drilled discovery and well, Olimpiyskaya. 2D seismic coverage has already taken place on the block.

The company said the granting of the interest will allow Midia to increase its presence in Romania.

"The addition of this highly prospective block is part of Sterling's strategy to build on its existing acreage at Midia and Pelican," Mark Beacom, Sterling's Vice President and General Manager, Romania said. 

"With the awarding of new concessions in the Romanian Black Sea, Sterling's amicable resolution of issues with the state of Romania in November 2011 and the recent drilling activity in the deepwater, we believe that the Romanian offshore is entering into an exciting phase of increasing exploration activity."