Sterling Resources Ltd. has announced the transfer of its 40 percent interest in Block 27 Muridava in the Romanian Black Sea to Petroceltic Resources PLC.
According to Sterling Resources, 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. The company says that 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 Resources’ subsidiary Petroceltic Romania BV was contemplated by the recently announced agreement with Carlyle and has no impact on the sale to Carlyle, Sterling Resources explained.