Sterling Resources calls for force majeure on perimeters leased in the Black Sea
Sterling requested Romanian authorities to clarify the newest regulation adopted in the Parliament that ruled that one needs building authorizations for certain offshore activities. However, governmental authorities cannot or do not wish to release authorizations for offshore areas.
Therefore, the company is in the impossibility to conduct its operations. According to the lease agreement, the authority regulating mineral resources needs to either reject the claim of the company or extend the period of the lease.
Sterling Resources Ltd. is an international oil company, listed in Canada with a social headquarters in Calgary, Alberta.