Stratic Energy has entered into a conditional sale agreement in respect of its Kerkouane permit offshore Tunisia (held 100% by Stratic). The consideration is US$1 million in cash, subject to working capital adjustments.
Completion of the agreement is conditional principally on approval by the relevant Government authorities. This follows the sale, announced on November 26, 2007, of Stratic's interest in the Chorbane permit, onshore Tunisia, and will complete Stratic's exit from that country as part of the rationalisation of assets acquired through the Grove Energy Ltd acquisition in 2007.
Mr. Andrew Childs, a non-executive director of Stratic, and Dr. Wolfgang Zimmer, a consultant to Stratic and former director of Grove Energy Ltd, hold beneficial interests in the purchaser, an Australian company. Neither Mr. Childs nor Dr. Zimmer played any role in Stratic's Board process in evaluating these transactions from Stratic's perspective or in Stratic's approval process.
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