Sterling Resources Discovers Gas at First Well in Pelican Block Offshore Romania

Sterling Resources Ltd. (TSXV:SLG) announced a gas discovery from the drilling of their Eugenia-1 well, drilled in the Black Sea .

As quoted in the press release:

The preliminary log analysis indicates a total of 22 metres of gas-bearing Late Cretaceous sandstones, mainly within two intervals.  Average porosity ranges from 10 to 20 percent and average gas saturations range from 55 to 62 percent.  The sandstone units are located within the interval 1,938 to 2,038 metres MD. Formation pressure data and recovered gas samples from open-hole logging tools confirm moveable gas. Further detailed analysis of logs, pressure data and samples is ongoing.

Sterling’s President and CEO, Mike Azancot, said:

We are delighted to have drilled two exploration wells this year in our highly prospective blocks in the Black Sea safely and on budget and found hydrocarbons in both. We have achieved our long-stated objectives to return to operations in Romania and now plan to review these well results in planning an active work program in both blocks over the next couple of years.

To view the whole press release, click here.