CALGARY and LONDON, Nov. 1 /CNW/ - Stratic Energy Corporation (TSX
Venture: 'SE', AIM 'SE') ("Stratic" or the "Company") today announces the
results of the Bati Eskikale-1 exploration well in the Black Sea, offshore
Turkey, and provides an update on current production operations in Turkey.
The Bati (West) Eskikale-1 exploration well was drilled by the Atwood
Southern Cross semi-submersible rig to a total depth of 2,198 metres to target
a sequence of stacked sands in the Eocene Kusuri formation that contain the
gas reservoirs in the nearby Akcakoca discoveries located some 5.5 kilometres
to the east. Stratic's interest in the well is 12.25%.
The well encountered two gas bearing sands in the Kusuri Formation, at a
depth of approximately 1,450 metres, with a combined net pay of 9.6 meters
straddling an interval of potentially gas bearing interbedded sands and
shales. This gross interval of 37 meters was perforated and tested at
8.8 mmscf/d on a 28/64" choke. While the well result confirms that the trend
of natural gas extends to the northwest of Akcakoca-3, the commerciality of
this discovery is likely to depend on further evaluating the prospectivity
within the Eskikale area in conjunction with the ongoing development plans for
the Akcakoca discoveries.
Commissioning of the Ayazli production facility has been delayed by the
need to repair a valve on the Ayazli pipeline. Gas production from this third
and final field in the Phase I South Akcakoca Sub Basin development will
commence once this work is complete. Combined production from the first two
fields, Akkaya and East Ayazli, is currently approximately 17 mmscf per day
(gross; Stratic interest 12.25%) from four producing wells, with one well on
East Ayazli currently shut in undergoing evaluation. Two further wells will be
brought on stream to increase production once Ayazli is commissioned. However,
current production levels suggest that the operator's previous estimate of
gross initial production rates of 50 mmscfd from Phase I, once complete, may
not be achieved. Stratic expects to provide updated guidance on future
production levels once production data from the Ayazli field are available.
The partnership is also assessing options for well intervention and tie-back
activity to increase production through the Phase 1 facilities.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. Stratic's Chief Operating Officer, Dr Mark
Bilsland BSc (geology), PhD (petroleum petrophysics), and member of the SPE,
is the qualified person who has reviewed and approved the technical
information in this announcement for the purposes of the AIM Rules for
Companies (incorporating the Guidance Note for Mining, Oil and Gas Companies).
For further information:
For further information: Peter Thomas, Chief Financial Officer, +44 20
77667900; Mark Bilsland, Chief Operating Officer, +44 20 77667900; Patrick
d'Ancona, M: Communications, +44 20 7153 1547; Canadian Investor Relations,
Roger Fullerton, (952) 929-7243, Email: firstname.lastname@example.org;