Sterling Hires GSP Jupiter Jack-Up for Two Wells Offshore Romania

Sterling Resources Ltd. has trough its subsidiary in Romania, Midia Resources SRL (“Midia”), entered into a contract with Grup Servicii Petroliere SA (“GSP”) for the drilling of offshore exploration wells “Ioana” in Block XV Midia and “Eugenia” in Block XIII Pelican.  

Midia, on behalf of Sterling and its approved joint venture partners Petro Ventures Europe BV (“Petro Ventures”) and Gas Plus International BV (“Gas Plus”), has contracted the cantilever-type jack-up drilling rig “GSP Jupiter” for the drilling of the two back-to-back wells likely to commence mid to late September upon completion of TPAO’s program offshore Turkey. The program calls for the drilling of Ioana in 93 metres water depth to target the Mid Pontian sandstone formation to a total anticipated depth of 1,600 metres. Following the drilling of Ioana, the rig will be remobilized north for the drilling of Eugenia in 55 metres water depth to target three formations in the Oligocene, Eocene and Late Cretaceous to a total anticipated depth of 2,300 metres.

“The drilling of Ioana and Eugenia re-establishes the joint ventures efforts, following amicable resolution with the state of Romania, proactively to explore this highly prospective concession. Success at Ioana could greatly enhance Sterling’s goal to establish a more substantial gas hub in the Midia block that already includes the Ana and Doina discoveries. Eugenia, on the other hand, represents the first exploration well to be drilled in the Pelican block,” stated Mark Beacom, Sterling’s Vice President and General Manager for Romania.

Sterling is the operator of the Midia and Pelican blocks in offshore Romania and holds a 65 percent working interest.

Further to Sterling’s 2011 year-end evaluation of the Offshore Romanian assets, RPS Energy has completed an evaluation of several newly identified prospects within the Pelican and Midia blocks, which represents a significant addition to the company’s Romanian exploration portfolio.

Following the discovery of gas by Exxon/OMV Petrom with the Domino-1 well some 35 km southeast of the Midia block, three exciting prospects have been identified and evaluated. The Anca, Maria and Nadia prospects, which are in water depths of between 100 and 120 metres, are believed by Sterling to be in similar formations to the Domino-1 well discovery. In addition the Paula and Voinicul (updip) prospects have been mapped in the shallow water part of the Midia block.

A new oil prospect, Irina, has also been mapped in the Pelican block on trend with the Eugenia prospect and has been evaluated by RPS Energy.

“These additional resource numbers in the Midia block demonstrates the exciting potential of this part of our concession.  Similarly the Irina oil prospect confirms the additional potential for the oil prone Pelican block alongside the Eugenia and Mihaela prospects,” stated John Rapach, Chief Operating Officer of Sterling.

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Offshore Energy Today Staff, May 31, 2012