Sterling Resources Ltd. (SLG.V)("Sterling" or the "Company") announces today that the GSP Prometeu jack-up rig scheduled to drill an exploration well on the Muridava Block 27 has returned to its operations base in Constanta for completion of necessary maintenance work. The operator of the Muridava Block, Petroceltic International plc ("Petroceltic") has advised that this necessary maintenance work on the rig will defer drilling of the Muridava-1 well until the end of the first quarter of 2014.
The Muridava-1 well will be drilled on the same geologic trend as the existing Olimpiyskaya and Eugenia gas discoveries and has multiple reservoir targets in the Eocene, Palaeocene and Cretaceous formations. The well will be drilled to a total depth of around 2,500 metres and should take less than two months to complete.
The Muridava block partnership is comprised of Petroceltic Romania B.V. (40 percent equity and operator), Midia Resources S.R.L. which is a wholly owned subsidiary of Sterling Resources Ltd. (40 percent equity) and Petromar Resources S.A. (20 percent equity).
Further to the announcement of August 29, 2013 regarding former Chief Executive Officer (CEO) Mike Azancot , the Company announces that Mr. Azancot has now resigned as a Director of Sterling and its corporate affiliates. Jacob Ulrich , Chairman of the Board of Directors continues to serve in the capacity of Interim CEO until such time as a permanent CEO is appointed. "On behalf of Sterling, we again thank Mr. Azancot for his contributions over the past several years and wish him every success in his future endeavours," said Mr. Ulrich, Chairman of the Board and Interim CEO.
Sterling is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom , Romania , France and the Netherlands . The common shares are listed and posted for trading on the Toronto Stock Exchange Venture (TSX-V) exchange under the symbol "SLG".
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