Stratic to sell Tunisian exploration permit

08 January 2008
UK-listed Stratic Energy Corporation is seeking approval from Tunis for the $1m sale of an offshore oil and gas exploration permit. The sale will mark the company’s complete exit from the Tunisian market.

Stratic is planning to sell its licence to explore the 7,692-square-kilometre Kerkouane permit, off the northeast coast, to an unnamed company.

The sale is part of the rationalisation of Stratic’s assets following its acquisition of another London-listed firm, Grove Energy, for $102m in the second quarter of 2007.

Grove Energy won the licence to operate the Kerkouane permit in 2000 under a production sharing contract with state energy company Entreprise Tunisienne d’Activites Petrolieres.

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