- Gas assets are part of the Longanesi gas field in Emilia Romagna
Rome 6th November, 2009 Today Enel Trade, a subsidiary of Enel, the leading Italian power company, has announced the acquisition of the Italian gas assets of Stratic Energy Corporation, including approximately 0.7 billion cubic meters of reserves and other exploration permits, for a total cash consideration of 34 million euros and the assumption of existing obligations with regards to the assets.
The acquisition of Stratics entire portfolio of gas assets in Italy consist of the San Marco and Casale Cocchi permits in the region of Emilia Romagna, which are part of the Longanesi gas field, and other exploration rights in Italy.
Enel will further contribute an additional 6.6 million euros provided that the first production phase starts before the end of 2011, reducing the contribution pro-rata month with no payment due if production starts after the end of 2012.
This transaction is subject to usual industry conditions, including regulatory approval, and is expected to be finalized in the first quarter of 2010.
Todays acquisition is a further step forward in Enels strategy of acting as a vertically integrated energy company having direct access to strategic commodities.
In May Enel announced the award to a joint venture with Total of an exploration block in the Egyptian Nile Delta within the frame of the 2008 EGAS International Bid Round. The joint venture is 90% owned by Total with the role of Operator and 10% by Enel.
Enel owns a 19.6% stake in SeverEnergia, a Russian company with approximately 5 billion BOE of reserves under development in partnership with Gazprom and Eni.
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