OMV Petrom communique – Romanian Government approved Midia Deepwater Block transfer

ExxonMobil Exploration and Production Romania Ltd and OMV Petrom S.A. are the titleholders for the deep water portion of the XV Midia Block. Gas Plus International B.V. retains its 15% interest. ExxonMobil Exploration and Production Romania Limited (“ExxonMobil”), OMV Petrom S.A. (“OMV Petrom”) and Gas Plus International B.V. (“Gas Plus”) announced today that following the Romanian Government Decision no. 43 dated January 22, 2014 and published in the Official Gazette on January 28, 2014, the Transfer Agreement signed in October 2012 between ExxonMobil and OMV Petrom, and Sterling Resources Ltd. and Petro Ventures Europe B.V. for the purchase of hydrocarbon exploration and production rights to the deep water portion of the XV Midia Block (“Midia Deep”) became effective. Gas Plus opted to retain its 15% interest in both deep water and shallow water portions of the XV Midia Block. Following completion of the Transfer Agreement, the participating interests in Midia Deep are: ExxonMobil 42.5%, OMV Petrom 42.5%, and Gas Plus 15%. Based on terms agreed in February 2013, Romgaz has an option to purchase a 10% participating interest in Midia Deep. Romgaz’s option to enter will be triggered by an announcement of a commercial discovery on Midia Deep. ExxonMobil will be the operator of petroleum operations in Midia Deep, which is adjacent to the Neptun Deep block, in which ExxonMobil and OMV Petrom announced a gas discovery in 2012.

Source: OMV Petrom communique – www.bvb.ro