Sterling increased its interest to 100-% in these two offshore Romania Blocks at the end of 2006 by acquiring the interest of the previous operator. This purchase has allowed Sterling to accelerate its activity in Romania, its second main focus area.
Following on from the above agreements, Sterling has signed a drilling contract with Grup Servicii Petroliere S.A. ("GSP") for the use of the jack up rig Prometeu, which is available to start operations on the Doina Sister well in mid December 2007.
Stewart Gibson, CEO, commented, "The arrangement with Gemini perfectly suits Sterling's requirements at this stage of its corporate development, leaves Sterling and Gemini economically aligned to the results of the Doina Sister well and is complementary to the other farm-out arrangements. We are pleased that the introduction of farm-in partners and the current arrangement with Gemini confirm our belief in the prospectivity of the area and allow us to bring the drill bit to the first of many exciting prospects within the large 1.1-million acre concession."
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