CALGARY and LONDON, Oct. 8 /CNW/ - Stratic Energy Corporation (TSX Venture: 'SE', AIM: 'SE') ("Stratic" or the "Company") announces that it has commenced drilling operations at the Al Tayr-101 well on the Jebel Nasrani prospect located in Block XVII in the Palmyride Basin of south west Syria. The well was spudded with an AMAK rig on 7 October 2009. Stratic has a 35% per cent interest in Block XVII and is operator of the block which covers an area of approximately 5050 square kilometers.
The Al Tayr-101 exploration well is targeting Triassic Kurrachine carbonates, which are the main gas bearing reservoirs in the gas fields to the north of this area. The well is estimated to take 80 days to drill to a total depth of approximately 3000 meters. The Jebel Nasrani prospect is one of eight prospects that have been identified in Block XVII from a seismic work program that included the acquisition of 1105 kilometers of new seismic data and the reprocessing of approximately 1500 kilometers of legacy seismic data.
Dr Mark Bilsland, Chief Operating Officer, commented "We are looking forward to the results of this exploration well which is designed to test the full sequence of the Kurrachine reservoirs at the Jebel Nasrani prospect. If successful, there is additional follow on potential in the 7 other mapped prospects at Kurrachine level."
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 securities laws.
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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 7920; 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