CALGARY and LONDON, May 7 /CNW/ - Stratic Energy Corporation (TSX Venture: 'SE', AIM: 'SE') ("Stratic" or the "Company") announces that Nexen, acting as operator of the well, will plug and abandon the 15/23d-15 Bugle North well in the North Sea. Stratic has a 7.5 per cent interest in this well.
The Bugle North well was targeting the northern extension of the Bugle oil discovery that was appraised by the P815 group in 2008. The well reached a total depth of 15,145ft MD and was drilled close to the boundary between blocks 15/23c and 15/23d and encountered minor quantities of hydrocarbon in the target horizon. The cost of the well is equally split between the P1465 and P815 partnerships.
Separately, the P1465 partnership has approved a budget for the abandonment later in 2010 of the 15/24a-9 Bowmore appraisal well drilled last year.
About Stratic: Stratic Energy Corporation is a Canadian incorporated international oil and gas business which is engaged in the appraisal, development and production of petroleum and natural gas discoveries, supplemented by an exploration program. As a result of the worldwide credit crisis, which has particularly affected the Company in view of the capital intensive nature of its strategy, Stratic has been involved in a major restructuring program over the last twelve months to reduce debt levels and create financial flexibility. In future the business will be focused on the North Sea for its cash flow generating ability (West Don) and near term development investment opportunity (Crawford), whereas its exploration effort will be increased and concentrated on lower cost areas and potential company changing opportunities. Stratic's 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 securities laws.
TSX-V and AIM notifications
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: John van der Welle, Chief Financial Officer, +44 20 7766 7900; Mark Bilsland, Chief Operating Officer, +44 20 7766 7900; Patrick d'Ancona, M:Communications, +44 20 7920 2347; Canadian Investor Relations: Roger Fullerton, (952) 929-7243, Email: email@example.com; Website: www.straticenergy.com