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Sterling Resources considers selling offshore exploration concession in Romania

Calgary-based energy company Sterling Resources considers selling its offshore oil exploration concession in the Black Sea, said Cristian Petrescu, member of industry commission within Deputy Chamber. The information was confirmed by the head of National Agency for Natural Resources (ANRM), Alexandru Patruti.

The concession agreement for the oil exploration and farming of the Pelican XIII and Midia XV Blocks is 30 years in duration starting ESPA's effective date (e.n Exploration and Production Sharing Agreement between Rompetrol SA and Enterprise Oil Exploration Limited and Canadianoxy (Romania) Ltd, concluded at August 6, 1992) with extension possibility for further 15 years, under the provisions of Art 27 of Hydrocarbon Law" according to the contract addendum.

Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta. Sterling Resources Ltd. is listed at Toronto TSX Venture Exchange under ticker "SLG". Sterling Resources is engaged in the exploration, development and production of crude oil in UK (both in UK offshore - the North Sea - and onshore), in France and Romania (onshore - South Craiova block - and offshore in the Black Sea - Pelican and Midia blocks).energie

Sterling denies

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).

Canada's Sterling Resources posts higher Q3 profit

Canadian oil and gas company Sterling Resources Ltd (SLG.V) posted a higher third-quarter profit on Tuesday, helped by gains from disposition of assets.The company, which has assets in the UK, Romania and France, reported a profit of C$69.8 million, or 53 Canadian cents a share, compared with C$994,363, or 1 Canadian cent a share, a year earlier.The increase in net income is attributable to a gain of C$72.1 million on disposition of one-third of Sterling's 45 percent interest in Breagh gas field and other interests in surrounding blocks in the UK Southern North Sea, the company said.

The company had cash and cash equivalents of C$96 million, while its net working capital was $81 million, at Sept. 30.Shares of the Calgary, Alberta-based company closed at C$1.86 Tuesday on the Toronto Venture Exchange.

Sursa: http://www.actmedia.eu

Tags: sterling resources exploration blocks canadian black concession offshore romania company

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