Stratic Wraps Up Disposal of Breagh Interest to Pay Down Debt
Stratic has completed the disposal of its interest in the UKCS Breagh gas discovery and surrounding exploration acreage. Proceeds of approximately US $65 million were received today and will be used primarily to pay down debt.
Kevin Watts, Chief Executive, commented, "The completion of the disposal of Breagh marks a significant milestone in the re-structuring of the Company’s finances. We are now working towards executing a sale and purchase agreement for the disposal of our interest in Longanesi as
the next stage in that process."
- EnQuest Commences Drilling at West Don Field (Aug 09)
- EnQuest Increases Reserves in North Sea with Stratic Acquisition (Aug 03)
- Stratic Highlights 1Q10 Financial, Operational Results (May 28)