Sterling Ends Farm-In Agreement Offshore Romania
Sterling announced that following the immediate cessation of the Farm-in Agreement with Melrose Resources BV, the Company has withdrawn the 32.5% assignment request made on May 22, 2009 with the National Agency for Mineral Resources (NAMR) for Melrose Resources BV on Sterling's Pelican and Midia Blocks, offshore Romania. The effective date of this withdrawal request to NAMR, the regulatory agency responsible for mineral resource administration on behalf of the Government of Romania, is November 1, 2010.
The inability to obtain assignment approval has impeded progress on the Ana and Doina discoveries, as well as further exploration and appraisal activities on the Blocks. Sterling now intends to proactively move forward with offshore activities in concert with its other intended assignees, PetroVentures Europe BV and Gas Plus International BV.
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