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11 Mar 16
Sterling announced a rights issue and the conversion of a large proportion of its US$213.3 mm Bonds into Equity. Once the transactions have been completed, there will be 14.3 bn shares issued and the Company indebtedness associated with the bonds will be reduced from by US$173.3 mm from US$213.3 mm down to US$40.0 mm. The new shares will represent 97% of the enlarged capital.
UPDATE ON BOND REDEMPTION
29 Feb 16
The Group's efforts with respect to achieving a strategic transaction or refinancing that would result in a Bond Redemption have not been successful. However, discussions are continuing between the Group, Nordic Trustee in its capacity as trustee for the Bond and a group of large Bondholders holding in aggregate more than two-thirds of the US$235 mm Bonds about a recapitalization of the Group. The Company expects to be able to announce details of the proposed Recapitalization in the next two weeks. The date by which Bond Redemption must occur has been postponed from February 29 to April 1, 2016;
ROMANIA LICENCES UPDATE
16 Jun 15
On June 12, 2015 Sterling Resources transferred its 40% interest in Block 27 Muridava, Romania, to Petroceltic International (PCI LN). Beach Energy (BPT AU) has also transferred its 30% interest in Block 28 Est Cobalcescu to Petroceltic. Simultaneously, Petroceltic has sold its interests in both blocks to GVC Investment.
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