Sterling Resources Ltd. has reached an agreement to acquire an additional 40% working interest in the large (1,500,000 acre) South Craiova Block E III-7 located onshore Romania.
The agreement, which is subject to the completion of formal documentation and approval by the National Agency for Mineral Resources, is effective from July 1, 2008 and allows the transfer of the entire right, title and interest previously held by Grove Energy (Romania) Limited to Midia Resources SRL, a wholly owned subsidiary of Sterling.
"With a return to a 100% working interest in the Craiova area, we will be progressing with our plans to see the start of a multi-well drilling program, targeting shallow gas potential in the Goshawk area of Craiova towards the end of 2008 and reviewing the potential for additional seismic within this large concession area," stated Stephen Birrell, Sterling's Vice President of Operations in Romania.
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