CALGARY and LONDON, Feb. 11 /CNW/ - Stratic Energy Corporation
(TSX Venture: 'SE', AIM 'SE.') ("Stratic" or the "Company") announces that
production has re-commenced from its Black Sea gas fields offshore Turkey.
This follows the suspension of production in late November 2007 as a result of
damage to the pipeline system caused by a fishing boat trawling in the
exclusion area around the production facilities.
Following completion of repairs to the gas pipelines, production has
resumed from both the Akkaya and East Ayazli fields and is expected to start
from the Ayazli field by the end of this month. Current production levels of
approximately 17 mmscf per day (gross) are expected to increase over the
coming weeks as the operator completes well clean-up, intervention and
stabilisation procedures on certain wells, which are presently underway.
Revenues from these assets will benefit from recent increases in the
reference gas price in Turkey applicable to Stratic's gas sales contract. The
gas sales price under the contract, at current exchange rates, is equivalent
to approximately US$10 per mscf for February 2008, compared with an average of
$8.76 per mscf in the third quarter 2007 and $9.34 per mscf in October and
Stratic's interest in the relevant licences offshore Turkey is 12.25%,
and the operator is TPAO.
Notes to Editors:
1. About Stratic: Stratic Energy Corporation is a Canadian-incorporated
international oil and gas business focused on adding value
principally through the appraisal, development and production of
existing discoveries, supplemented by a low to moderate risk
exploration program. Stratic's principal interests are in the UK and
Dutch sectors of the North Sea, Italy, Turkey and Syria. Its shares
are listed on the TSX Venture Exchange in Toronto and on AIM, London
and its principal operating office is in London, UK.
This news release contains certain forward looking statements, which
involve assumptions with respect to future plans, production levels and
results, and capital expenditures. The reader is cautioned that all such
forward looking statements involve substantial risks and uncertainties and the
assumptions used in their preparation may not prove to be correct. Stratic's
actual results could differ materially from those expressed in, or implied by,
these forward looking statements and accordingly, the forward looking
statements are qualified by reference to these cautionary statements. The
forward looking statements contained herein are made as at the date of this
news release. Stratic undertakes no obligation to update or publicly revise
forward looking statements or information unless so required by applicable
TSX-V and AIM notifications
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
77667920; Mark Bilsland, Chief Operating Officer, +44 20 77667900; Patrick
d'Ancona, M: Communications, +44 20 7153 1547; Canadian Investor Relations,
Roger Fullerton, +1 952 929 7243, Email: firstname.lastname@example.org,