To earn the working interest, which includes the Doina gas discovery, Gas Plus will pay a lump sum and fund a promoted share of the Midia SE well.
Additionally, Sterling has signed multiple farm-out agreements with Petro Ventures Ltd. (PV), a wholly owned subsidiary of Australian company Petro Ventures International Limited (PVIL).
The three part agreements with PV includes a 5% working interest in UK Blocks 42/12 and 42/13 containing the Breagh prospect, a 15-20% working interest in the other UK Quad 42 exploration blocks which surround Breagh; and a 20% interest in the Midia and Pelican Blocks offshore Romania.
In total the agreements, which in certain cases remain subject to partner and government approvals, involve PV funding a promoted share for the cost of drilling five offshore wells, including three offshore UK and two offshore Romania.
Following completion of these arrangements, Sterling will retain a 65% interest in the Midia and Pelican Blocks offshore Romania and a 45% interest in Blocks 42/12 and 42/13 in the UK North Sea.
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