Carlyle International Energy Partners, an affiliate of The Carlyle Group, has entered into an agreement to acquire the Sterling’s wholly-owned subsidiary Midia Resources SRL.
Sterling Resource’s Romanian business includes 65% operated interest in blocks 13 Pelican and 15 Midia, a 50% operated interest in block 25 Luceafarul, and a 40% non-operated interest in block 27 Muridava, all in the Romanian Black Sea.
“In addition to the initial consideration paid for the acquisition of Midia, Carlyle will also fund the future development of the assets, which is expected to constitute a sizable inward investment into Romania,” the fund manager said in a statement.
“The development project will focus on drilling, infrastructure construction, production and sale of gas to market. The current Midia team will remain in place, with additional resources added to deliver this important project, with the aim of the company becoming a significant regional energy player in the near term.”
The acquisition is expected to complete around the end of the second quarter subject to satisfaction of certain conditions typical for a transaction of this nature, including statutory Romanian approvals and the consent of certain participants in the Romanian concessions.