September 20, 2018

Sterling Resources reached a deal with Romanian Government

Sterling Resources Ltd. is a Canadian oil and gas explorer operating in Europe. The explorer declares it struck a deal with the Romanian government allowing the company’s exploration plans in the Black Sea to go ahead. Shares of Sterling were halted on the TSX Venture Exchange pending news from the Calgary Company. Last spring, Sterling announced it had filed a notice of default with Romania’s mineral resources agency after it did not grant licenses to Sterling’s partners for the offshore oil projects on Sterling’s Midia and Pelican blocks. Sterling said its partners, PetroVentures International Ltd., with 20 per cent, and Gas Plus, with 15 %, will get their licenses. Also, the government has extended all of Sterling’s offshore licenses to May 2014 with two further extensions of three years each, after that. The company and the Romanian mineral resources ministry now expect to finalize the deal within 10 days.

Source: Brandon Sun (read more)

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