Sterling aims to bring in partner offshore Romania

Sterling Energy has agreed to license extensions for the Midia Shallow and Pelican blocks in the Romanian sector of the Black Sea.

Offshore staff

CALGARY, Canada – Sterling Energy has agreed to license extensions for the Midia Shallow and Pelican blocks in the Romanian sector of the Black Sea.

The current exploration period which ends in May can be prolonged to May 2015, May 2018, and May 2020. Commitments for each of the second and third extension periods include two wells over the two blocks.

Sterling has completed its2014 3D seismic acquisition program over key parts of the concessions by using two vessels rather than one. The program comprised around 500 sq km (193 sq mi) over the Ana-Doina trend, and 100 sq km (38.6 sq mi) over each of the Bianca and Ioana prospects, and the Eugenia discovery.

Processing and interpretation is expected to finished by mid-2014.

Sterling says it is now in position to start its planned sell-down to reduce its Black Sea interests around mid-year, with interpreted results for all its main fields and prospects providing important information for potential new partners.

The company currently holds 65% of the Midia Shallow and Pelican blocks, 50% of the Luceafarul block, and 40% of the Muridava block. It aims to sell around half these stakes to a new partner by the end of this year.

In the UK southern North Sea, Sterling is a partner in theBreagh gas development. Here near-term optimization programs include management of the carbon dioxide (CO2) level in the commingled gas stream so that it meets entry specifications for the UK National Transmission System.

Gas from the A03 and A05 wells contains slightly higher than expected levels of CO2.

Mid-term plans are to complete well A07 using hydraulic stimulation, bringing the well onstream in mid-year, and then to drill and complete well A08 with production starting in September 2014. A two-week offshore shutdown this summer will coincide with an intelligent pigging operation to gather baseline data on the Breagh gas export pipeline.

02/26/2014

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