Loan deal for Sterling

By Iain Esau

 03 January 2013 23:59 GMT

Toronto-listed Sterling Resources has secured a US$12 million bridging loan from Vitol to fund exploration activities off Romania and corporate operations.

A research note from FirstEnergy Capital described the deal as “slightly positive” because it gives Sterling “additional breathing room to put a solution in place to mitigate an anticipated funding shortfall (until) first production” in May from the over-budget Breagh gas field in UK waters.

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