Enel Trade to buy Stratic's Italian unit

Enel Trade SPA is acquiring Stratic Energy Corp.’s Italian business unit for $51 million.

By OGJ editors
HOUSTON, Nov. 19
-- Enel Trade SPA is acquiring Stratic Energy Corp.’s Italian business unit for $51 million. An additional $9 million payment is possible depending upon the timing of some production, Stratic said.

Subject to regulatory approval, closing is expected in early 2010.

The transaction includes all Stratic’s Italian assets, including interest in Longanesi gas field, which Eni SPA and Stratic are jointly developing.

Longanesi is in the eastern Po Valley northwest of Ravenna. The field lies near Alfonsine, Ravenna Terra, and San Potito gas fields.

Eni drilled Longanesi-1 in early 2006, proving the field extends onto Eni’s San Potito block to the west.

Stratic is based in Calgary. Its principal interests are in the UK and Dutch sectors of the North Sea, Italy, Turkey, and Syria. Enel Trade is a subsidiary of Enel SPA, an electric and gas company partially owned by the Italian government.

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