Romania: Sterling unit's Black Sea farmout approved

Romania’s National Agency of Mineral Resources has approved the transfer to Midia Resources SRL subsidiary of Sterling Resources Ltd. of 40% of the working interest held by Melrose Resources PLC in the Muridava exploration concession.

Midia holds interests in nearby licenses, and the equity transfer will facilitate the capture of regional operating synergies, Melrose said. Melrose will remain operator with 40% interest, and Petromar Resources SA has 20%.

Sterling noted that the Muridava block is in shallow water and contains the 2001 Olimpiyskaya hydrocarbon discovery.

Melrose said Muridava and the adjoining Est Cobalcescu acreage offer material exploratory potential in an underexplored region of the Black Sea. Seismic and a multiwell drilling program are planned in the next 3 years.