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Sterling Resources Ltd. Confirmed that its wholly owned subsidiary in Romania, Midia Resources SRL, has entered into a contract with Grup Servicii Petroliere SA for the drilling of offshore exploration wells Ioana in Block XV Midia and Eugenia in Block XIII Pelican.
Midia, on behalf of Sterling and its approved joint venture partners Petro Ventures Europe BV and Gas Plus International BV, has contracted the cantilever-type jackup drilling rig GSP Jupiter for the drilling of the two back-to-back wells likely to commence mid to late September.
The program calls for the drilling of Ioana in a water depth of 93 m (305 ft) to target the Mid Pontian sandstone formation to a total anticipated depth of 1,600 m (5,249 ft). Following the drilling of Ioana, the rig will be remobilized north for the drilling of Eugenia in a water depth of 55 m (180 ft) to target three formations in the Oligocene, Eocene and Late Cretaceous to a total anticipated depth of 2,300 m (7,545 ft).
"The drilling of Ioana and Eugenia re-establishes the joint ventures efforts, following amicable resolution with the state of Romania, proactively to explore this highly prospective concession. Success at Ioana could greatly enhance Sterling's goal to establish a more substantial gas hub in the Midia block that already includes the Ana and Doina discoveries. Eugenia, on the other hand, represents the first exploration well to be drilled in the Pelican block," stated Mark Beacom, Sterling's vice president and general manager for Romania.
Sterling is the operator of the Midia and Pelican blocks offshore Romania and holds 65% working interest.