Melrose 'frozen out' of Romanian blocks

Sterling Resources has withdrawn a farm-out request on behalf of Melrose Resources for two blocks in the Romanian sector of the Black Sea.

Offshore staff

CALGARY, Canada -- Sterling Resources has withdrawn a farm-out request on behalf of Melrose Resources for two blocks in the Romanian sector of the Black Sea.

The submission was issued to Romania’s National Agency for Mineral Resources (NAMR), concerning 32.5% of Sterling’s Pelican and Midia blocks. But the company pulled out of the arrangement following the cessation of the farm-in agreement with Melrose.

Sterling says the inability to obtain assignment approval has impeded progress on the Ana and Doina discoveries, and on other exploration and appraisal activities in the blocks.

The company now intends to move these programs forward with its other intended assignees, PetroVentures Europe BV and Gas Plus International BV.

11/01/2010

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