Midia backs in to Black Sea concession offshore Romania

Offshore staff

EDINBURGH, UK – Melrose Resources has agreed to farm out 40% of its Muridava (Ex-27) exploration concession in the Romanian sector of the Black Sea.

The Romanian National Agency of Mineral Resources has approved the transfer to Midia Resources SRL, a wholly owned subsidiary of Sterling Resources.

Midia holds interests in other nearby licenses. Melrose will retain operatorship and a 40% stake, the remaining 20% held by Petromar Resources SA (20%).

David Thomas, CEO of Melrose, said: “Along with our adjoining Est Cobalcescu acreage, the Muridava block offers some exciting and material exploration potential in an underexplored region of the Black Sea.

“It makes sense, however, for the company to share some of the investment risks on the seismic and multi-well drilling program planned for the concession over the next three years.”

3/22/2012

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