If successful, the wells will be completed and suspended as future production wells. Furthermore, the partners will have an option to drill up to five additional wells utilizing the same drilling rig. A phased development of the gas reserves in the area is envisaged with production commencing into the local and industrial market as early as 2006. Stratic has a 12.25% working interest in the project.
The Company will provide progress reports on the prospective block in Syria, its holdings in the U.K. North Sea, the two blocks offshore Côte d'Ivoire and the two onshore blocks in Morocco in due course and as warranted.
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