Sterling Resources said today it had found gas in a Black Sea exploration well.
However, it added the results were not as good as expected and more drilling was needed to test the rest of the field.
The well is on the Ioana prospect, thought to stretch across about 58 square miles offshore Romania.
Patrick Whitley, Sterling’s vice-president, international exploration, said the firm was encouraged by what it had found.
“However, the reservoir development is poorer-than-expected in this up-dip area of the prospect and will require further work with seismic and drilling to appraise the large Ioana structure further to the east,” he added.
Mike Azancot, president and chief executive, said Sterling was now looking to acquire 3D seismic over the area and would look to secure a drilling rig to drill another well on Ioana as well as one or more other prospects in the same block – subject to financing and approvals.
The firm’s next exploration well in the region will be Eugenia-1 in the oil-prone Pelican block about 43 miles north of Ioana.