Sterling Resources: The sale of an interest in Midia block to OMV Petrom and ExxonMobil will be completed in mid-year at the earliest

The transaction through which Canada’s Sterling Resources will sell to OMV Petrom and ExxonMobil an interest in the natural gas block Midia from the Black Sea, initially announced in October last year and for which the Canadians have already collected an advance of almost USD 29.25mln, will be completed in mid this year at the earliest, after the future of Sterling Resources has been for a while in doubt, due to a takeover proposal from the Swiss oil trader Vitol, shareholder of Sterling. “The sale process has been negatively affected by the recent uncertainty on Sterling’s future, due to the takeover proposal from Vitol. Sterling has been very close to concluding an agreement in this regard, but later the takeover proposal was withdrawn. Currently the options are under review. The completion of the sale of an interest in Midia block to ExxonMobil and OMV Petrom, previously announced and which has generated an advance payment of USD 29.25mln, is not expected before the end of June 2013”, a communique of Sterling Resources reads. Sterling added that, in order to complete the deal, it’s necessary to obtain the legal approvals from the Romanian authorities. In October last year, Sterling Resources signed an agreement with ExxonMobil Exploration and Production Romania and OMV Petrom for the sale of an interest in Midia block, at a price between USD 29.5mln and USD 79mln, depending on the fulfillment of certain conditions.