Stratic pulls out of Turkey

Stratic Energy has agreed to sale its Turkish business, which includes interests in the Ayazli/Akcakoca field developments in the Black Sea, operated by TPAO.

Offshore staff

CALGARY, Canada -- Stratic Energy has agreed to sale its Turkish business, which includes interests in the Ayazli/Akcakoca field developments in the Black Sea, operated by TPAO.

The company has signed a sales and purchase agreement for Stratic Energy (Turkey), primarily with a group of Turkish investors. Total cash received from the deal will be $3.45 million.

The purchasers will acquire all assets and liabilities on completion of the deal, expected mid-May.

Stratic claims that exiting Turkey will free up nearly $20 million in capital for projects elsewhere offering the company higher returns.

05/07/2010

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