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Sterling Resources Ltd., a Calgary-based international oil and gas company, says it has struck a deal to sell nearly a third of its Romanian Black Sea energy assets to Edinburgh-based Melrose Resources PLC in a deal valued at $24-million (U.S.). Under the deal, announced yesterday, Melrose will become operator of the Pelican XIII and Midia XV blocks in the Black Sea off the coast of Romania. The company will acquire a 32.5-per-cent working interest in the exploration prospects. Melrose will make a cash contribution of $24-million to reimburse past costs, Sterling said. Melrose will also contribute between $58-million and $72.7-million to Sterling's future development costs. SLG (TSXV) rose 3 cents to 44 cents and MRS (London) fell £9 to £186 ($347.51).

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