Sterling Resources reports Ioana-1 results off Romania

Sterling Resources Ltd., Calgary, said results from an exploration well in the Romanian Black Sea confirmed “an active gas system” but did not confirm commercial resources.

Abandonment operations are being conducted for the Ioana-1 well on Block 15.

Sterling’s Midia Resources Ltd. subsidiary drilled to a total depth of 1,950 m measured depth, with gas shows experienced below 500 m to total depth.

The Ioana-1 location was defined by 2D seismic data, but the complexity of the formations encountered “now suggest that 3D seismic might be needed for reservoir thickness predictions and further drilling on this structure,” Sterling said.

The rig will be moved to another exploration well location, Eugenia-1, some 70 km to the north. The well will be the first to be drilled in the oil prone Pelican Block.

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