Blocks 211/12b and 211/13b are located in the Northern North Sea and have been awarded to Stratic in partnership with Nippon Oil Exploration & Production U.K. Ltd. Each party will take a 50% working interest in the blocks with Stratic acting as Operator. A third block, 16/2b, located in the Central North Sea, has also been awarded to the Stratic and Nippon partnership under the same arrangement. A further block, 3/22, located in the Northern North Sea, was awarded to Stratic at 100% interest. The blocks have been awarded under the "Promote License" initiative which was first introduced by the UK licensing authorities in 2003 in the 21st Round to reinvigorate the UKCS with a new tier of small independent, exploration oriented companies. Licensees are provided with a two-year period to conduct technical studies, acquire and/or reprocess seismic data and commit, prior to the end of the second year, to drilling an exploratory well before the fourth anniversary of the License.
Tom Mackay, Stratic's General Manager commented, "We are delighted with the awards and the new partnership with Nippon, an experienced producer and co-venturer in the North Sea having ownership of production infrastructure in adjacent acreage. The new awards enhance Stratic's acreage portfolio in both Quad 211 and Quad 16 where Stratic have recently announced a farm-out to Noble Energy (Europe) Limited".
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