Strike Energy sells remaining US assets

Company News

by David Chau

Strike Energy (ASX:STX) has made progress with selling its remaining production assets in the US.  It entered an agreement with Rockport Permian LLC to sell its 25%interest in the MB Clearfork Project in Texas. Strike Energy will receive US$175,000 for this sale.

The company has also agreed to sell its 40% stake in its remaining Wilcox formation production unit in Texas (a gas-condensate well) – but has not said for how much.

Both transactions are expected to close in mid-January. After that, Strike Energy will no longer hold any production or exploration assets in the US.

The company expects its current debt to be reduced by US$2.4 million following this transaction.

Strike Energy reported a net profit of $4.3 million at 30 June 2016.

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