CALGARY and LONDON, Feb. 23 /CNW/ - Stratic Energy Corporation (TSX Venture: 'SE', AIM 'SE.') ("Stratic" or the "Company") announces that operator Nexen spudded the 15/23d-15 well on the boundary between blocks 15/23c and 15/23d on 22 February, 2010. The well is being drilled as a joint well between two separate partnership groups and will satisfy a licence commitment for the P1465 (Bowmore area) partnership operated by Nippon Oil Exploration and Production UK Limited on behalf of Stratic and other partners.
The Bugle North well targets the northern extension of the Bugle oil discovery that was appraised by the P815 group in 2008. The well is to be drilled by the Glomar Arctic IV semisubmersible drilling unit to a total depth of approximately 15,000 feet and is expected to take approximately 60 days to drill to that depth. The cost of the well will be equally split between partnerships, exposing Stratic to 7.5% of the gross well cost estimate of approximately (pnds stlg)25 million (~$3 million net to Stratic).
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents 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).
SOURCE STRATIC ENERGY CORPORATION
For further information: For further information: Kevin Watts, President and Chief Executive 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; Website: www.straticenergy.com