EnQuest to buy out Stratic

Two of the major independent players in the UK sector of the North Sea are to combine with EnQuest set to buy out debt-ridden Stratic Energy. EnQuest is offering an all share transaction to acquire Stratic based on one EnQuest share for every 0.896 Stratic share, with a 70% premium to Stratic’s share price, valuing the acquisition transaction at Can. $135 million (US $131 m).