Sterling has funds to drill Doina

Gemini Oil and Gas Fund II has agreed to provide Sterling Resources with up to $7 million for an upcoming drilling program in the Romanian Black Sea.
Nov. 9, 2007

Offshore staff

CALGARY, Canada --Gemini Oil and Gas Fund II has agreed to provide Sterling Resources with up to $7 million for an upcoming drilling program in the Romanian Black Sea.

This, along with various recent license farm-outs, will ensure Sterling is fully funded through drilling and testing of a well on the Doina Sister prospect. The company recently contracted Grup Servicii Petroliere's jackupPrometeu for this well, starting mid-December.

In the event of future production from the Doina Trend area (currently comprising Doina, Doina Sister, and Doina North), Gemini will be eligible for payments equivalent to a share of Sterling's revenue from production.

11/09/2007

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