Sterling Resources, the Canadian oil and gas company, sold a portion of the Black Sea block to ExxonMobil Corp and OMV Petrom in a transaction worth $78m, according to Mediafax.
The deal covers 46,539 ha located in the southeastern margin of the 15 Midia block. The area is near the Neptun block, which is controlled by ExxonMobil and OMV Petrom.
Sterling will be paid an initial consideration of $29.5m and then an additional $29.5m “upon satisfaction of certain conditions relating to a hydrocarbon discovery made on the sale portion, and a further contingent payment of $19.5 million upon first commercial production,” according to a statement released by the companies.
Sterling Resources has assets in the UK, Romania and France and the Netherlands.
