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Sterling Resources wants to give up its stakes in the offshore oil blocks in Romania


The Canadian oil company Sterling Resources is currently considering the opportunities and the right time to sale its stakes in the offshore oil blocks in Romania, according to the company's Q2 2013 report.

Sterling owns in Romania the Pelican block in the Black Sea and also stakes in other two blocks, Muridava and Luceafarul.

In last year's autumn, Sterling sold its majority sharepackage in the Midia block to OMV Petrom and ExxonMobil. Sterling is going to receive 29.25 million dollars at the completion of the transaction, another 29.25 million in case the buyer discovers hydrocabrons in this block, and another 19.5 million dollars at the launch of the production. According to the report for the second quarter of the year, the company expects the deal to be concluded late this year.

In February 2013, the Dutch group Vitol, holding 14 percent in Sterling, wanted to buy the Canadian company for 192 million dollars, which amount Sterling considered too small.

In the second quarter of this year, Sterling posted 20 million dollars in net losses, compared with 7 million dollars posted in net losses in the same interval last year.