Stratic reported that the transaction to sell its Italian business to Enel Trade SpA ('Enel'), previously announced on November 5, 2009, was completed today, April 20, 2010.
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 cash consideration of €33.0 million paid on completion and the assumption of existing obligations relating to the assets. Stratic is entitled to receive a further payment of €6.6 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.
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