Oil and gas company Stratic Energy Corporation (LSE:SE) disclosed on Friday the sale of its full portfolio of assets, including its interest in the Longanesi gas field and other exploration acreage in Italy, to Italian company Enel Trade SpA (Milan:ENEL).

The sale to Enel will be completed in the first quarter of 2010 and is subject to usual regulatory approvals. Stratic will receive a total cash consideration of USD50.9m and its existing obligations associated with the assets will be assumed by Enel.

Stratic has the right to another USD9.8m payment if the provided the first production begins before the end of 2011, reducing pro-rata by month, with no payment due if production starts after the year end 2012.

At West Don field, Stratic expects 2009 gross production to be around 1.75m barrels of oil (mmbbls) with its share being 0.30 mmbbls, compared with the estimate of 2.1 mmbbls (Stratic share: 0.36 mmbbls) previously as a result of below expectation gas lift and water injection performance.

The export pipeline tie up work to the Thistle facilities are ongoing and expected to be complete by February 2010.

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