Tunis — Canada's Winstar Resources Ltd said it is exploring strategic options, including selling itself, four months after the oil and gas company failed to find a partner for its Tunisian assets.

The company also expects lower production for the second quarter of this year, hurt by a strike at its properties in Southern Tunisia, one of its key production area.

Winstar expects a Q2 production of 1,100 to 1,300 barrels of oil equivalent per day (boepd), compared with a production of 1,567 boepd last year.

Winstar, which has a market value of C$79 million (about US$78 million), appointed FirstEnergy as financial adviser to help in the process of evaluating options, which may include a strategic investment, cash infusion, joint venture, merger or sale, the company said in a statement reported on Tuesday by Reuters.

Winstar said it is delaying the start of its Tunisian capital programme to July or August 2012. In February, Winstar ended talks to farm out half of its stake in the Sabria asset in Tunisia to an unnamed European company.

Winstar shares have lost 43% of their value over the last six months.