CALGARY, Canada – Sterling Resources has agreed to sell to ExxonMobil and OMV Petrom its 65% interest in part of block 15 (Midia) in the Romanian Black Sea.
The sale portion is on the southeastern margin of the block, in deeper waters and covers 11% of the total area of the Midia and Pelican concession.
It contains the newly identified Anca and Maria prospects and is adjacent to ExxonMobil/OMV Petrom’s deepwaterNeptun block where gas was discovered last year on the Domino structure, 35 km (22 mi) to the southeast.
Petro Ventures Europe is also selling its 20% stake in the sale portion.
Sterling will receive a cash consideration for the transaction of $29.25 million upon completion, a contingent payment of $29.25 million upon satisfaction of certain conditions relating to a hydrocarbon discovery made on the sale portion, and a further $19.5 million contingent on first commercial production from the sale portion. All deals remain subject to regulatory approvals.
The sale does not include any discoveries or other prospects in the Midia block and will not be impacted by results from the currentIoana-1 exploration well. Sterling continues to market its remaining interests in the offshore Luceafarul, Midia, and Pelican blocks.
“This carve-out and sale of an area in deeper waters allows us to focus on the development and exploration of fields and prospects in shallower waters, where drilling and construction should be less expensive,” said Mike Azancot, Sterling’s president and CEO.