Petroleum Africa
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Thursday, August 21, 2014
Chinook Energy’s wholly-owned subsidiary, Storm Ventures International (BVI) Ltd., completed its sale of all of the issued and outstanding shares of Storm Ventures International, which directly and indirectly owns all of Chinook’s Tunisian assets for gross proceeds of $127.7 million to Medco Tunisia Petroleum Ltd.
The sale had an effective date of January 1, 2014.
The company plans to now focus its attention on its North American assets, with the net proceeds of the transaction initially being applied to eliminate Chinook’s bank indebtedness and to fund an expansion of its 2014 Canadian capital program from $60 million to a total of $81 million.
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