Sterling Resources claims it invested 56 million dollars in exploring Black Sea resources

Sterling Resources invested some 56 million dollars in exploring the Black Sea resources, conducting mainly seismic risk analysis and drilling in the Pelican and Midia areas, said Stephen Birrell, general manager of Midia Resources on Thursday. The officials also pointed at the fact that Sterling Resources invested in the oil exploration in Romania since 1997.

In a press release, the Canadian company shows that some 130 million dollars were invested since 1992 in the Pelican and Midia areas.

The exploring license for the two perimeters was held among the year by Enterprise Oil Exploration, Paladin Resources and Talisman Energy. Sterling Resources bought the two licenses from Talisman Energy. The exploring license was suspended in 2003 because of the conflict between Romania and Ukraine.

Sterling Resources came in the attention of the Romanian media after the International Court of Justice decided in favor of Romania in the lawsuit on the property rights over 10,000 square kilometers of continental plateau. After the plateau was formally shares, it was found that Sterling Resources has the right to explore and exploit some areas, according to a governmental order approved in the last days of activity of the former Government. The company says that the agreement was made long before any ICJ decision was even expected, in August 2007.