CALGARY and LONDON, Nov. 7 /CNW/ - Stratic Energy Corporation (TSX
Venture: 'SE', AIM: 'SE.') ("Stratic" or the "Company") announces that,
subject to ratification by the Moroccan Government authorities, it has
converted a portion of its Guercif Beni Znassen Reconnaissance License in
north-eastern Morocco into two exploration permits and agreed to farm-out half
of its former 40% working interest to Sphere Investments QSC ("Sphere").
The two new exploration permits will cover a total of 3,893 sq.
kilometers in the Guercif area out of the 13,750 sq. kilometers of the former
reconnaissance licence. Stratic and the operator of the permit, TransAtlantic
Petroleum Corp, will each farm-out 50% of their respective interests to Sphere
and in exchange Sphere will pay 100% of the costs of an initial three year
exploration programme on the new Guercif permits and will contribute to costs
on the licence to date.
The national oil company of Morocco, Office National des Hydrocarbures et
des Mines ("ONHYM'") is carried for 25% of the costs during this exploration
phase but pays its share of costs in the development phase. Stratic's net
interest in the permit after the farm-out, but before ONHYM's back-in rights,
will be 20%.
The Guercif exploration permits are for an 8-year term divided into three
periods. The initial 3-year work programme will include re-entry of an
existing well and the acquisition of 300 kilometres of 2D seismic data.
TransAtlantic Petroleum Corp. will continue as operator of the permits for
this 3-year period.
Sphere is an oil and gas exploration company with a focus on west and
north Africa and the Middle East, originally formed as a subsidiary of Sphere
Investments Ltd., an Australian company quoted on the Australian Stock
Exchange. It was recently spun out and established as an independent, private
company in Qatar.
Commenting on the farm-out, Mark Bilsland, Chief Operating Officer said
"This deal gives us the opportunity to continue to explore in the Guercif area
at no cost to Stratic for the next three years, leaving us with a meaningful
stake in the exploration upside in the two permits. The forward programme is
designed to re-evaluate technical data on a well drilled in the area many
years ago and to provide new seismic data over one of the more prospective
areas in the original reconnaissance licence. We are delighted to be working
with Sphere in this venture."
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
For further information:
For further information: Peter Thomas, Chief Financial Officer, +44 20
7766 7900; Mark Bilsland, Chief Operating Officer, +44 20 7766 7900; Patrick
d'Ancona, M: Communications, +44 20 7153 1547; Canadian Investor Relations,
Roger Fullerton, (952) 929-7243, Email: email@example.com;