Winstar Resources Ltd reports that approximately 1,100 barrels of oil equivalent per day (“boepd”) (of a total 1,300 boepd of net production) derived from its 100% owned and operated Sanhrar, Chouech Essaida and Ech Chouech
Concessions has not yet re-commenced production.
The Company, through a News Release dated January 28, 2013, suggested that Winstar’s production from its three concessions in Southern Tunisia should re-commence on or about February 4, 2013, being about one week following a field evacuation process completed on January 26 and 27, 2013. It now appears that field operations to reinstate production, will begin on or about February 12, 2013, assuming all activities are conducted as expected and full production should be re-established after about one week.
Winstar re-opening its facilities essentially depends on a schedule compatible with the efforts of the Authorities directly involved in resolving this situation. Winstar appreciates the diligence and effectiveness displayed by the Authorities.
As reported originally on July 3, 2012, the Company has retained FirstEnergy Capital LLP to explore and evaluate potential strategic alternatives with a view to enhancing shareholder value. This process is ongoing.
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