CALGARY and LONDON, Sept. 20 /CNW/ - Stratic Energy Corporation
(TSX Venture: 'SE', AIM 'SE.') (the "Company") is pleased to announce that gas
production commenced on September 19, 2007 from the East Ayazli field as part
of the first phase of its offshore Turkey development (Stratic 12.25%).
East Ayazli is the second field to commence production within the South
Akcakoca Sub Basin ("SASB") development, following start-up of the Akkaya
field on May 23, 2007. With these two fields onstream, production, once
stabilised, is expected to be around 35 mmscf per day (gross). Production
start-up from East Ayazli had been delayed because of the need to repair a gas
The first phase of the development of these Black Sea discoveries is
expected to be completed by mid October 2007, with the start-up of production
from the third field, Ayazli. The deck for the Ayazli platform has been
completed and towed onto location in the SASB project area for installation.
The lift barge is on location and preparations are underway for lifting the
deck onto the tripod. Two pre-drilled wells in the Ayazli field have been
completed and are ready for tie-back operations once the deck is installed.
Production can start as soon as commissioning activities are complete. Once
Ayazli is onstream, the project is expected to achieve gross production in
excess of 50 mmscf per day.
Work on Phase 2 of the project, to develop the deeper-water Akcakoca
discoveries, is proceeding. Stratic and its partners have approved a
development concept for Phase 2 which will include construction and
installation of a separate offshore facility located over the Akcakoca field.
The development concept is now being refined through a front-end engineering
and design phase. A formal investment decision is expected to be made around
the end of this year.
Exploration activity in the area is expected to re-commence shortly with
the drilling of the Bati Eskikale prospect to the east of the existing
Akcakoca discovery. The Bati Eskikale-1 well will be drilled by the Atwood
Southern Cross semi-submersible rig and is expected to spud around September
25, 2007. Stratic's interest in the well is 12.25%. The prospect lies along
the same fault trend as the Akcakoca discovery, approximately 5.5 kilometers
to the west northwest of the Akcakoca-3 well. The well is targeting the same
stacked pay sands in the Eocene-age Kusuri formation that has proven to
contain gas in the project area.
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; Patrick d'Ancona, M: Communications +44 20 7153 1547; Canadian
Investor Relations: Roger Fullerton (952) 929-7243, Email:
firstname.lastname@example.org; Website: www.straticenergy.com