Canada’s Winstar Resources said it is exploring strategic options, including selling itself, four months after the oil and gas company failed to find a partner for its Tunisian assets.
The company also expects lower production for the second quarter, hurt by a strike at its properties in Southern Tunisia, one of its key production areas.
Winstar expects second-quarter production of 1,100 to 1,300 barrels of oil equivalent per day (boepd), compared with production of 1,567 boepd last year.
Winstar, which has a market value of C$79 million, appointed FirstEnergy as financial adviser to help in the process of evaluating options, which may include a strategic investment, cash infusion, joint venture, merger or sale, the company said in a statement.
Winstar said it is delaying the start of its Tunisian capital program to July or August 2012.
In February, Winstar ended talks to farm out half of its stake in the Sabria asset in Tunisia to an unnamed European company.
Winstar shares, which have lost 43 percent of their value over the last six months, closed at C$2.24 on Friday on the Toronto Stock Exchange.