Enel Buys Stratic Italy Assets

摘要

Italian power giant Enel said Friday it is to buy Canadian independent Stratic Energy's Italian portfolio for ?40.6 million ($60 million), comprising 700 MMcm (25 Bcf) of reserves. The assets are the San Marco and Casale Cocchi permits in the Emilia Romagna region, part of the Longanesi gas field, and other exploration rights. The deal - ?34 million in cash, plus ?6.6 million if output starts before the end of 2011 - is expected to be wrapped up in the first quarter of 2010.