Sterling Resources identifies gas in Romanian Black Sea's Ioana prospect

The Canadian oil and gas firm is encouraged by the results although it has expected a richer reservoir development hence will need to appraise the Ioana structure to the east, Patrick Whitley, Sterling's vice president said in the statement.

The first well, Ioana-1, was drilled by Romanian Grup Servicii Petroliere (GSP) under a deal signed earlier this year with Sterling's unit Midia Resources for the Ioana and Eugenia wells, located in offshore blocks XV Midia and XIII Pelican, respectively. The well was drilled to 1,950 metres depth and mud gas measurements indicated gas shows from 500 metres to 1,950 metres.

"The Ioana-1 well location was defined by 2D seismic data,[..] but the complexity of the formations encountered in the Ioana-1 well now suggest that 3D seismic might be needed for reservoir thickness predictions and further drilling on this structure," the statements added.

The extensive gas shows proving an active gas system prompted Sterling to assess the potential follow-on programme for this prospect for 2012 that might start after a 3D seismic survey over Ioana and the other Midia Block prospects upon the required financial, partner and regulatory approvals.

Midia Resources SRL is the operator of the Midi and Pelican fields, with 65% interest in a partnership with Petro Ventures Europe BV, who owns 20% and Gas Plus International BV with 15%.