Sterling disappointed by Black Sea well

Sterling Resources Ltd. announces that the first exploration well to be drilled by the Muridava Concession owners on 10th round licensing Block 27 in Romania’s Black Sea has completed drilling operations and has been abandoned.

The Muridava-1 well, in which Sterling holds a 40 percent interest, was spudded on April 11th, 2014 reaching a total measured depth of 2,747 metres. Although open hole logs were not obtained through the primary zones of interest due to severe deterioration of the open hole, drilling samples, cuttings and mud logs through the penetrated sections did not indicate any hydrocarbon accumulations.

Furthermore, the well was unable to reach a secondary target in the Lower Cretaceous.

“We are disappointed with the Muridava 1 well and that operating conditions prohibited the reaching of the full targeted depth. We have two more drilling locations on this Concession which we will be reviewing with the Operator and will likely return to drilling on this Block in 2015,” stated Jake Ulrich, Sterling’s CEO said.