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Thursday, August 14, 2014
Chinook Energy saw the significant conditions and requisite approvals needed to close the sale of its Tunisian operations met; which led the company to speed up its exit timetable. The company originally slated December 1 as its estimated date of exit, now it says the transaction should close before the end of the month.
The company announced the sale of its assets in Tunisia to Medco Energi earlier this year for an estimated $127 million. The assets were comprised of four exploration areas, two development areas, and two production areas. Five onshore blocks (Adam, Sud Remada, Bir Ben Tartar, Jenein and Borj El Khadra) are located in the Ghadames Basin, while the remaining three offshore blocks (Cosmos, Hammamet, and Yasmin) are located in the Pelagian Basin off Tunisia.
According to the company the sale of its international business will allow the company to focus on its domestic business at a time when Chinook’s Canadian operational results and key play economics are improving.
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