Sterling is the operator of the Midia and Pelican blocks in offshore Romania, where it holds a 65% working interest. The Canadian company also has holdings in the Muridava and Luceafarul blocks in the Romanian Black Sea sector.
In October 2012, Sterling announced it had reached an agreement with ExxonMobil and Romania’s OMV Petrom for the sale of its 65% stake in a portion of the block 15 Midia in the Black Sea.
“Closing of this sale requires the approval of the Romanian government which is actively being sought,” the company said in its report.
If successful, the deal would bring Sterling $29.25 million payable upon closing, with further contingent payments linked to future success on the portion of the block sold.
“(Sterling) also intends to proceed with a sell-down of its equity interests in all of its Romanian Black Sea licences during 2014,” the company said.
Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, France and the Netherlands.
The company swung to a third-quarter net profit of $4.5 million, versus losses a year earlier, helped by falling costs. For the first nine months of 2013, however, Sterling posted a loss of $24.4 million, slightly narrower on the year.