Muşat & Asociaţii assisted Sterling Resources Ltd. in relation with the transfer of 40% participation in the perimeter EX-27 Muridava from the Black Sea continental plateau, belonging to its branch Midia Resources SRL, towards Petroceltic Romania B.V., branch of Petroceltic Resources PLC – an Irish company listed at the Stock Exchange from London and Dublin, specialized in the upstream sector of oil and gas. The transfer was approved by the Romanian National Agency of Mineral Resources (ANRM).
Simultaneously, Petroceltic Romania B.V. purchased also the 30% participation in the perimeter EX-28 Est Cobălcescu, previously held by Beach Energy Ltd. After the approval of the two transfers by ANRM, Petroceltic Resources PLC sold the entire registered capital of Petroceltic România B.V. to GVC Investment B.V., company controlled by businessman Gabriel Comănescu.
In March this year, Muşat & Asociaţii assisted Sterling Resources Ltd regarding the sale of all operations from Romania to Carlyle Group, structured as sale of branch Midia Resources S.R.L. which Sterling owns in Romania in a transaction with a value of USD 42.500.000. The transaction regarding the transfer of participation in the perimeter EX-27 Muridava to Petroceltic România B.V. was considered within the agreement recently concluded with Carlyle and has no impact on it.
„The transaction was structured as an asset deal in Romania, with the acceptance by the buyer of all such obligations corresponding to the programs of exploit works, being followed by a share deal in Holland. We consider that the pragmatic commercial approach which was proved by the entire team involved in the project represents one of the elements which contributed to the successful completion of this transaction,”, stated Cleopatra Leahu, Partner Muşat & Asociaţii.
The team Muşat & Asociaţii, which managed this sale, consisted of 8 lawyers and tax advisors with experience in the area of Energy and Natural Resources and Tax Law, being coordinated by Cleopatra Leahu, Miruna Suciu and Răzvan Graure.