Stratic Energy Corporation announced that it has entered into a conditional sale agreement in respect of its Kerkouane permit offshore Tunisia (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. This follows the sale, announced on November 26, 2007, of Stratic’s interest in the Chorbane permit, onshore Tunisia, and will complete Stratic’s exit from that country as part of the rationalisation of assets acquired through the Grove Energy Ltd acquisition in 2007.
