Serinus Energy Inc. announced that the formation of a strategic relationship with Dutco Energy Ltd. Serinus and Dutco Energy entered an option agreement giving Dutco Energy the right to acquire interest in the Brunei Block L. Dutco Energy will provide Serinus Energy Inc with a US15 million secured credit facility as part of the transaction. Both companies agreed to jointly track new oil and gas opportunities in Tunisia for the duration of the agreement. Dutco Energy Ltd is a division of the Dutco Group, which is a leading conglomerate in the Middle East for oil and gas explorations
Tim Elliott, the President and Chief Executive Officer of Serinus stated that "we are very pleased to be working with Dutco Energy and the Dutco group of companies in what both parties hope will be the first step towards building a strategic partnership to jointly pursue oil and gas opportunities."
Ahmad Sharaf, Chief Executive Officer of Dutco Energy added, "This exciting partnership with Serinus is a further demonstration of our commitment to exploring in proven basins, such as those in Southeast Asia, and capitalizing on them to the benefit of the host governments and partners alike. Furthermore, this investment is an important building block to Dutco Group's long standing presence and experience in the Southeast Asian oilfield services and engineering sectors."
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