Petroleum Africa
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Tuesday, June 17, 2014
Chinook Energy’s wholly-owned subsidiary, Storm Ventures International (BVI), entered into an agreement to sell all of Chinook’s Tunisian assets for $127.7 million, subject to customary closing adjustments. The assets were sold to Medco Tunisia Petroleum Ltd.
Under the terms of the share purchase and sale agreement Storm has agreed to sell to Medco all of the issued and outstanding shares of Storm Ventures International (Barbados) Ltd., which directly and indirectly owns all of Chinook’s Tunisian assets. The transaction is expected to close by December 1, 2014 with an effective date of January 1, 2014, subject to the satisfaction of customary closing conditions, including applicable governmental and third party approvals.
The assets subject to the transaction consist of Q1 average production of 1,833 boepd; total proved reserves of 4.8 million boe; and total proved plus probable reserves of 8.1 million boe.
The sale of the international business allows Chinook to focus on its domestic business at a time when its Canadian operational results and key play economics are improving.
BNP Paribas has acted as financial and strategic advisor to Chinook on the transaction.
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