Stratic has announced the sale of its Italian business to Enel Trade SpA, a subsidiary of one of Italy's largest companies.
The sale to Enel involves Stratic's entire portfolio of assets in Italy, including its interest in the Longanesi gas field and other exploration acreage in the country, for a total cash consideration of €34.3 million ($50.9 million) and the assumption of existing obligations relating to the assets. Stratic is entitled to receive a further payment of €6.6 million ($9.8 million) provided the commencement of first production takes place before the end of 2011, reducing pro-rata by month, with no payment due if production commences after the end of 2012. The transaction is subject to usual industry conditions, including regulatory approval, and is expected to complete in the first quarter of 2010.
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