• Muşat & Asociaţii advised Sterling Resources Ltd. in the transfer process for its 65% interest in the deep water area of Block 15 Midia in the Romanian Black Sea, to ExxonMobil Exploration and Production Romania and OMV Petrom SA
• Sterling Resources Ltd. will receive between USD 29.5 million and USD 78.5 million, conditional upon the fulfillment of certain conditions
• Our law firm provided legal assistance to Sterling Resources Ltd. throughout the transfer process
Muşat & Asociaţii assisted Sterling Resources Ltd. to complete the transfer process for its 65% interest in the deep water of the offshore Block 15 Midia (Midia Deep), to ExxonMobil Exploration and Production Romania and OMV Petrom SA.
In the same process, Petro Ventures Europe BV transferred its 20% interest in the oil area of Midia Deep to Exxon and OMV Petrom. Gas Plus chose to preserve its 15% interest in both deep and shallow water of Block 15 Midia.
“This is yet another project successfully closed by Muşat & Asociaţii’s team. For us, this has been a novel transaction, the transfer of hydrocarbon operation and production rights over an oil block of an existing perimeter being a premiere for the Romanian market, which generated both legal and commercial challenges”, said Miruna Suciu, Partner Muşat & Asociaţii, in charge of this project.
Muşat & Asociaţii provided legal assistance throughout the transaction, from negotiating and concluding the transfer agreement and tax-related matters, to the procurement of all approvals from regulatory authorities.
The Midia Deep Block has a surface area of 46,539 ha, representing 11% of the overall area of the Midia and Pelican oil concession, being adjacent to the Neptun block of Exxon and OMV Petrom, containing Domino 1, the first deep water discovery well in the Romanian sector of the Black Sea.
About MUŞAT & ASOCIAŢII
MUŞAT & ASOCIAŢII is one of the first law firms established in Romania after January 1, 1990. With 16 partners and over 100 attorneys and advisors, MUŞAT & ASOCIAŢII provides consultancy services in all areas of business law, including Mergers & Acquisitions, Privatization, Banking, Energy & Natural Resources, Competition, Corporate, Telecommunications & IT, Labor, Fiscal, Capital Markets, Real Estate, Environmental, Litigations & Commercial Arbitrations.
Renowned as one of the pillars of business law in Romania, MUŞAT & ASOCIAŢII is constantly recommended by foreign legal publications (such as Chambers & Partners, Practical Law Company, International Financial Law Review, Legal 500 etc.) as one of the leading law firms, many of its attorneys being, in their turn, nominated by these publications among the elite of business law in Romania.
In april 2013, Muşat & Asociaţii won the „The Law Firm of the Year in Romania” award during the IFLR European Awards ceremony, held in London, in the presence of more than 200 representatives of the leading European law firms. This is the second time in the past three years that Muşat & Asociaţii is granted this prestigious award, after the distinction received in 2011, when Romania was included for the first time on the list of countries nominated for the International Financial Law Review (IFLR) awards.
In 2012, MUŞAT & ASOCIAŢII won the Gold Award for “Best Law Firm in Central and Eastern Europe”, an accolade awarded by the 2012 International Legal Alliance Summit & Awards, for excellent results obtained on the Romanian market by the MUŞAT & ASOCIAŢII team, both with regard to the mandates portfolio in the Mergers & Acquisitions area of practice, and to the management strategy adopted.
Furthermore, the renowned publication Chambers Europe awarded the trophy "Romanian Law Firm of the Year" to MUŞAT & ASOCIAŢII for being the law firm with the best performance in the course of last year in Romania, in the ceremony “Chambers Europe Awards for Excellence 2011”.
MUSAT & ASOCIATII regularly provides legal consultancy services to some of the most renowned and valued corporations in Romania, including a third of the Top 100 and half of the Top 500 largest companies, as well as to local public and financial institutions in intricate corporate and financial transactions and complex dispute resolution procedures. The company’s portfolio comprises over 2,500 clients, most of which are foreign investors, such as: Enel SpA, GDF Suez, Rompetrol, Colas, European Investment Bank, RBS (Royal Bank of Scotland), ING Bank, Fortis Bank, KBC Bank, Raiffeisen Bank, Banca Transilvania, BNP Paribas, OTP Bank, Eli Lilly, GlaxoSmithKline, Novartis, Roche, Abbot, General Electric, General Motors, Microsoft, Intel, Oracle, Google, AON, Amazon.com, AT&T, Nokia, Alcatel - Lucent, Telecom Italia, Thyssen Krupp, Generali, AFI Europe, Electrolux, Caterpillar, Monsanto, Deutsche Bahn, SAB Miller, etc.