Enel has finalized the acquisition of exploration licences and gas assets in northern Italy from the canadian company Stratic

Date

20 Apr 2010
  • This acquisition has been carried out for a cash consideration of 33 million euros



  • The assets include 0.7 billion cubic metres of reserves in the Longanesi gas field in Emilia Romagna.

Rome, April 20th 2010 – Today Enel Trade, a subsidiary of Enel, the leading Italian power company, has finalized the acquisition of the Italian gas sector assets of Stratic Energy Corporation, in the implementation of the agreement signed in November 2009. These assets include approximately 0.7 billion cubic meters of reserves and other exploration permits, for a total cash consideration of 33 million euros.

The acquisition of Stratic’s entire portfolio of gas assets in the Italian region of Emilia consist of the San Marco and Casale Cocchi permits for 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, progressively reducing the contribution down to no payment if production starts from 2013.

This acquisition is a further step forward in Enel’s strategy of acting as a vertically integrated energy company having direct access to strategic commodities.

Within the same framework, last January, a consortium set up by Enel (27.5%), Repsol (52.5%) with the role of Operator and Gdf-Suez (20%) signed with the Algerian National Agency for the Valorisation of Hydrocarbons Resources Alnaft and Sonatrach, the Algerian National Oil Company, an exploration and exploitation contract for the “South-East Illizi” gas field in Southeastern Algeria.

In May 2009 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 (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.