Melrose Resources has agreed to farm out a proportion of its equity in the Black Sea Muridava (Ex-27) block offshore Romania to Midia Resources, a subsidiary of UK-Canadian company Sterling Resources.
The Romanian National Agency of Mineral Resources has formally approved the transfer of a 40% working interest in the block to Midia/
Following completion, Melrose will retain operatorship and a 40% interest in the concession, with the remaining equity held by Midia with 40% and Petromar Resources, with the remaining 20%.