Stratic Energy Corporation has entered into a conditional sale agreement in respect of its G.R15.PU permit in the Sicily Channel, offshore Italy (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. The sale follows the recent relinquishment of license G.R16.PU and the sale of Stratic's license interests offshore Tunisia.
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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