Sterling Resources transferred its 40% interest in Block 27 Muridava in the Romanian Black Sea, held by its wholly-owned subsidiary Midia Resources SRL, to Petroceltic's Romanian subsidiary.
Approval of the transaction has been received from Romania's National Agency for Mineral Resources (NAMR).
Non-material consideration for the transaction will be received plus acceptance by the buyer of all of the outstanding obligations.
On 26 March 2015, Sterling announced the sale of its entire Romanian business to The Carlyle Group. The sale of one of the concessions in the Romanian business, Block 27 Muridava, to Petroceltic Romania BV, was contemplated by the recently announced agreement with Carlyle and has no impact on the sale to Carlyle.
