CALGARY and LONDON, Oct. 8 /CNW/ - Stratic Energy Corporation
(TSX Venture: 'SE', AIM 'SE.') ("Stratic" or the "Company") announces that
operations have commenced on the Crawford oil field appraisal well 9/28a-18 in
the UK sector of the North Sea.
The well will be drilled by the heavyweight jack-up rig, Rowan Gorilla
VII. The contracting of this rig has brought forward appraisal drilling from
the previous schedule of mid 2008. Drilling operations, which are expected to
take around 50 days, are likely to be followed by an extensive testing
programme and, subject to equipment availability, a hydraulic fracture
Well 9/28a-18 is designed primarily to appraise the potential of the
Triassic reservoir in the previously untested northern part of the Crawford
field, to allow a decision to be made to re-develop the field using modern
drilling and completion technology. In addition, the well will appraise
further Tertiary potential. The Crawford field was originally developed by
Hamilton Brothers in the 1980s but was abandoned in 1990, in a lower oil price
environment, having produced only 4 million barrels of oil.
The Crawford co-venturers are: Fairfield Acer Ltd (operator, 52%),
Valiant Petroleum Ltd (29%) and Stratic Energy (UK) Ltd (19%).
Mr. Kevin Watts, Chief Executive Officer of Stratic, said: "We are
delighted that we have been able to accelerate the drilling of this very
important well for Stratic. The well and planned test programme will provide
key sub-surface information to allow us to take the Crawford project forward
to a development decision.
This is the third well Stratic will drill this quarter, with others
already operating to appraise the Breagh gas discovery in the North Sea and
the Bati Eskikale gas prospect on trend with our existing discoveries offshore
Turkey. Success with these wells will provide us with further development
opportunities to add to our four existing near-term developments, which are
all now close to investment approvals."
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: email@example.com;