The concession agreement for the oil exploration and farming of the Pelican XIII and Midia XV Blocks is 30 years in duration starting ESPA’s effective date (e.n Exploration and Production Sharing Agreement between Rompetrol SA and Enterprise Oil Exploration Limited and Canadianoxy (Romania) Ltd, concluded at August 6, 1992) with extension possibility for further 15 years, under the provisions of Art 27 of Hydrocarbon Law” according to the contract addendum.

Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta. Sterling Resources Ltd. is listed at Toronto TSX Venture Exchange under ticker “SLG”. Sterling Resources is engaged in the exploration, development and production of crude oil in UK (both in UK offshore - the North Sea – and onshore), in France and Romania (onshore – South Craiova block - and offshore in the Black Sea – Pelican and Midia blocks).