Sterling Resources Ltd. announced approval by the Government of Romania of the 11th Amendment to the Exploration and Production Sharing Agreement for Blocks XIII Pelican and XV Midia located in the Romanian Black Sea.
This Amendment converts the original Exploration and Production Sharing Agreement to conform with Romania's tax and royalty structure as contained in other recent petroleum agreements. The agreement transfers greater control and decision-making to the operator, and reduces direct day-to-day Government involvement, without compromising the requirement for ongoing compliance with both Romanian and European legislation.
"When Sterling acquired operatorship and increased our working interest to 100% in late 2006, we set out to achieve three primary objectives: (1) to bring in partners to share in the exploration and development of the two blocks; (2) to establish the presence of gas in the Ana prospect and; (3) to convert the historical Exploration and Production Sharing Agreement to a more workable Tax/Royalty Concession. We are pleased to have completed all of these objectives in less than two years and are committed to continue the growth of our Company in Romania" stated Stephen Birrell, Sterling's Bucharest based Vice President of Romanian Operations.
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