Sterling Resources has agreed a deal to acquire an additional 40% working interest in the 1.5 million acre South Craiova Block E III-7 onshore Romania.
The agreement allows for the transfer of Grove Energy’s share in the concession 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,” said Stephen Birrell, Sterling’s Vice President of Operations in Romania.