Chinook Energy announced that its wholly-owned subsidiary, Storm Ventures International (BVI) Limited, has entered into an agreement to sell effective January 1, 2014 all of Chinook’s Tunisian assets for US$127.7 million (including positive working capital of approximately US$13.7 million), subject to customary closing adjustments (the “Transaction”).
Pursuant to the terms of a share purchase and sale agreement, Storm BVI has agreed to sell to Medco Tunisia Petroleum Limited, all of the issued and outstanding shares of Storm Ventures International (Barbados) Limited, 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.
