Musat & Asociatii has advised Sterling Resources in its sale of 65% of it shares in the offshore Midia XV deep water perimeter.
Midia XV is an area in the Romanian waters of the Black Sea with a surface of 46,539 hectares. It represents 11% of the total area under concession to the Midia and Pelican companies, and is adjacent to the "Neptun" perimeter, of Exxon and OMV Petrom, which already hosts the first deep sea exploration rig in the Romanian Black Sea.
The buyers of the shares were ExxonMobil Exploration and Production Romania and OMV Petrom. In the same transaction, Petro Ventures Europe transferred its 20% shares in the Midia XV perimeter, also to ExxonMobil and OMV. Gas Plus, which owns the final 15% of shares, opted not to sell.
Musat & Asociatii advised on the entire transaction. The team was led by Musat Partner Miruna Suciu.