Sterling Resources Moves Ahead With Equity Interests Sale in Romania

Canada-based Sterling Resources sold its 65% interest in a portion of the Midia Block in the Romanian Black Sea to OMV Petrom and ExxonMobil Exploration and Production. The transaction, which was originally announced by Sterling in 2012, has been completed. 

The parties agreed on a $29.25 million price, with up to additional $48.75 million upon future commercial discovery and production.

“Completion of the transaction will allow us to move ahead again with a process to sell down our equity interests in all of our Romanian licences.  This process had been held up in 2013 by the delay in being able to complete the Carve-out Transaction,” Jake Ulrich, Sterling's Chairman and Interim CEO, stated in a note released on Wednesday.

Gas Plus International retains its 15% interest. Following completion of the Transfer Agreement, the participating interests in Midia Deep are: ExxonMobil 42.5%, OMV Petrom 42.5%, and Gas Plus 15%.

Based on terms agreed in February 2013, Romgaz has an option to purchase a 10% participating interest in Midia Deep, upon a commercial discovery in the area.

Sterling Resources maintains other assets in the United Kingdom, Romania, France and the Netherlands.