“Sterling Resources is pleased to confirm that on November 18th formal documentation was received from the (ANRM) approving the assignment of equity to partners and confirming the term of the offshore license,” the company said in a news release.
Sterling Resources gave 20% of the rights on the Midia and Pelican blocks to Petro Ventures Europe and 15% to Gas Plus International.
The Economy Ministry announced in October that representatives of the consortium Sterling Resources, PetroVentures and Gas Plus committed to invest between EUR500 million and EUR1 billion in hydrocarbon drilling in the Black Sea.
At that same date, Sterling announced an agreement with the Economy Ministry on the transfer of stakes and drilling rights, on several Black Sea blocks, to Petro Ventures and Gas Plus.
Sterling Resources is active in the UK, the Netherlands, Romania and France.