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Sterling Completes Sale of Muridava Block to Petroceltic

Source: www.gulfoilandgas.com 6/16/2015, Location: Europe

Sterling Resources Ltd is pleased to announce the transfer of its 40 percent interest in Block 27 Muridava in the Romanian Black Sea, held by its wholly-owned subsidiary Midia Resources SRL to Petroceltic Romania B.V., a wholly-owned subsidiary of Petroceltic Resources PLC. Approval of the transaction has been received from the National Agency for Mineral Resources (NAMR) of Romania. Non-material consideration for the transaction will be received plus acceptance by the buyer of all of the outstanding obligations.

On March 26, 2015 Sterling announced the sale of its entire Romanian business to The Carlyle Group (“Carlyle”). As outlined in the March 26, 2015 press release, completion of this sale to Carlyle is subject to satisfaction of certain conditions typical of a transaction of this nature. The sale, announced today, of one of the concessions in the Romanian business, Block 27 Muridava, to Petroceltic Romania BV was contemplated by the recently announced agreement with Carlyle and has no impact on the sale to Carlyle.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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