Polish independent Kulczyk Oil Ventures is buying Tunisian-focused Canadian minnow Winstar Resources for $112mn and expects to more than double output to over 5,000 barrels of oil equivalent/day (boe/d) by 2015. The deal is subject to Winstar shareholder approval in a meeting slated for mid-June with closing expected late that month, Kulczyk says.
Winstar produces 1,900 boe/d (1,700 boe/d net), three-quarters of which is crude, from three Tunisian onshore concessions. Output was over 2,000 boe/d in early 2012 but has since been erratic following a series of strikes both last year and this year at its key 100%-operated 1,400 b/d Chouech Essaida field in the deep south of the country (MEES, 8 February). (CONTINUED - 308 WORDS)
