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UPDATE Industry Commission member: Sterling wants to sell its Black Sea concessions. Sterling denies 

de Carla Dinu, transl/adapt. C.B.     HotNews.ro
Miercuri, 18 noiembrie 2009, 12:45 English | Business

Sterling Resources wants to sell its Black Sea concessions, a member of the Industries Commission from the Deputies' Chamber, Cristian Petrescu, declared on Tuesday for The Money Channel. The information was confirmed by the head of the Romanian National Agency for Mineral Resources (ANRM) Alexandru Patruti.

UPDATE Sterling resources announce that the company does not intend to sell its 32.5% participation from the two blocks the company owns in the Black Sea, noting that it will keep its commitment and continue the exploration process it began alongside its three partners.

The company's partners are Melrose resources - owning 32.5%, Petroventures - owning 20%, and Gas Plus - owning 15%.

  • Melrose Resources, Petroventures and Gas Plus associations have already been announced publicly. "The Romanian authorities have been announced in time about each association in part and we are currently waiting for approval, so that the three Sterling partners receive the Romanian competent authorities' approval. This is an ordinary process that applies to any farm-out association to all companies that have contracted the Romanian National agency for Mineral Resources", a communiqué indicates.
  • "Sterling does not intend to sell its participation in the two blocks it operates in the Black sea. On the contrary, Sterling Resources continues its investigation and follows all the necessary procedures. We appreciate the professional collaboration with ANRM experts and leadership, and we are prepared to continue the necessary steps to finalise our partners' acceptance process by the Romanian competent authorities", Sterling resources vice-president Stephen Birrell stated in the communiqué.

The concession agreement regarding the exploration, development and oil exploitation in the Perimeters XIII Pelican and XV Midia, has been sealed by ANRM and Sterling resources Ltd. for 30 contractual years, which have been calculated from the date of the ESPA enforcement [ESPA is the Contract for Exploration and Sharing of the Product signed by Rompetrol SA and Enterprise Oil Exploration Limited and Canadianoxy (Romania) Ltd. on August 6 1992]. The contract can be extended for a maximum of 15 additional years, according to paragraphs art. 27 alin. (2) from the Oil Law, according to the additional act, NewsIn informs.

Sterling Resources Ltd. is a Canadian company with its headquarters in Calgary, Alberta Province.

The Sterling resources Ltd. investor is listed with the Toronto TSX Venture Exchange stock market. Its transactions are made under the SLG symbol.

Sterling Resources Ltd. has oil operations in Great Britain (both in the North Sea and on land), in France and in Romania (both on land - in Sud Craiova, and in the Black Sea - in the Pelican and Midia Perimeters).   
























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