LONDON and CALGARY, June 21 /CNW/ - International oil and gas company
Stratic Energy Corporation announces that its shares have today been admitted
to trading, under the ticker "SE." on the London Stock Exchange's AIM market.
Stratic's admission is in addition to its existing presence on Toronto's TSX
Venture Exchange and follows the recent acquisition of Grove Energy Limited,
whose shares were previously traded on AIM.
Canadian-incorporated Stratic's activities are principally in the UK and
Dutch sectors of the North Sea, Italy and Turkey, with further interests in
Syria and Tunisia. The Company's asset portfolio is focused on the appraisal
and development of existing discoveries which have near-term production
potential, with existing production and revenue from gas assets in Turkey.
Stratic's management team comprises a group of former Enterprise Oil
senior executives, headed by Kevin Watts as CEO, with the Board chaired by Sir
Graham Hearne. The new leadership team has, in the past two years, focused and
expanded the portfolio of development and appraisal opportunities,
recapitalised the Company, completed the Grove acquisition and strengthened
the Board, management team and technical resources of the Company. The Company
has already been an active participant in acquisitions and licensing rounds in
its focus areas.
Stratic has proved and probable oil and gas reserves of 15.5 million
barrels of oil equivalent with additional contingent resource volumes, as
reported on by Gaffney, Cline & Associates Limited and Ryder Scott Company,
L.P., whose reports are included in the AIM admission document. The Company
commenced gas production last month, from the Akkaya field in the Black Sea,
offshore Turkey as part of the first phase of development of the South
Akcakoca Sub Basin. Two further fields offshore Turkey, Ayazli and East
Ayazli, are expected to be brought onstream shortly. Plans for two new
developments, West Don in the UK and the Longanesi (formerly Abbadesse) gas
field in Italy, are expected to be submitted within the next six months. In
addition, Stratic has assembled a portfolio of appraisal and principally
near-field exploration prospects for longer term growth, including appraisal
wells which are targeted for the Breagh and Crawford discoveries later in
2007. A copy of the AIM admission document is available at
Admission to AIM will satisfy a commitment made to Grove's shareholders
located in the UK and Europe at the time of the Grove acquisition. The Board
also believes that a broader international capital base will be of increasing
importance as the Company continues to grow. No new capital was sought in
conjunction with the Admission to AIM. The Company intends to apply for its
primary listing to graduate from the TSX Venture Exchange to the main Toronto
exchange, which is expected to become effective within the next three months.
Chief Executive Kevin Watts commented: "We are delighted to have
completed our admission to AIM, which we believe will raise our profile in
this key financial centre and should aid in the development of a broader
investor base. 2007 has already been an extremely busy year for Stratic on
both the operational and corporate fronts. The acquisition of Grove has
provided us with two further near term development opportunities in our focus
areas plus longer term growth options. Our drilling programme has produced
three discoveries already this year and we will drill at least two important
wells in the North Sea later this year. We have also recently strengthened the
Board and now with the AIM listing, the platform for our plans to grow the
Company's value significantly over the next few years is in place."
Lazard & Co. Limited acts as Nominated Advisor to the Company. Tristone
Capital Limited is the Company's London broker.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Stratic's Chief Operating Officer, Dr Mark Christopher 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).
Stratic's SEDOL number is B1YLK61 and ISIN number CA8629281087.
Stratic currently has 269,441,204 ordinary shares outstanding.
2. Management team:
Key members of the Stratic management team (with date of
Kevin Watts - Chief Executive Officer (2005). Mr. Watts has
20 years' experience working in the oil industry and was a main
board director of Enterprise Oil plc, responsible for corporate
development, from 1998 through to its acquisition by Shell in
Mark Bilsland - Chief Operating Officer (2005). Dr. Bilsland, a
petroleum engineer, has over 25 years' experience working in the
oil industry, including senior management positions with
Enterprise Oil and as Chief Operating Officer for Khanty Mansiysk
Peter Thomas - Chief Financial Officer (2007). Mr. Thomas is a
chartered accountant and was Chief Financial Officer of Hardman
Resources Limited until its sale to Tullow Oil earlier this year.
He is a former Group Treasurer and Group Financial Controller of
Robin Storey - General Counsel & Company Secretary (2007).
Mr. Storey is an English solicitor with over 10 years'
international upstream legal experience including with BP plc and
Charles Nieto - Vice President, Technical (2007). A petroleum
engineer who has held senior positions in joint venture management
and reservoir engineering with Shell and Enterprise Oil plc; and
Kim Hosgood - Vice President, Commercial (2006). Previously held
commercial, business development and project development roles
with Paladin Resources and Enterprise Oil.
For further information:
For further information: Kevin Watts, President and Chief Executive, +44
207 016 6432; Peter Thomas, Chief Financial Officer, +44 207 016 6432; Patrick
d'Ancona, M: Communications, +44 20 7153 1547; Canadian Investor Relations,
Roger Fullerton, (952) 929-7243, Email: email@example.com;