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March 24, 2023

Sterling sells parts of Black Sea oil perimeter to Petrom and Exxon

The Sterling Resources company signed an agreement with ExxonMobil Exploration and Production Romania, and OMV Petrom, for the sale of oil perimeter 15 Midia in the Black Sea, at a price between USD 29.5 M and USD 79 M, depending on how certain conditions are met, Mediafax reports. The perimeter part has a surface of 125,000 acres (46,539 ha), or 11 pc of the total surface of the Midia and Pelican concession, reads a press release issued by the Canadian company. The perimeter part subject to the transaction neighbours the Neptun block of Exxon and OMV Petrom. Sterling controls 65 pc of the consortium that operates Block 15 Midia. Its partner Petro Ventures Europe BV, with a share of 20 pc, also participates in the transaction with Exxon and OMV Petrom. Sterling will receive from Exxon and OMV Petrom a sum of USD 29.5 M upon completion of the transaction, an additional USD 29.5 M if conditions are met related to finding hydrocarbon deposits in the perimeter portion subject to the transaction and another USD 19.5 M when commercial output begins. The finalisation of the deal depends on approvals by authorities. Besides the Black Sea perimeters, Sterling also has operations in the United Kingdom, Netherlands and France.

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