Stratic Wins Reconnaissance License in Morocco
Stratic Energy along with its partner, TransAtlantic Petroleum has been awarded a reconnaissance license covering 13,750 sq. kilometers (about 3.4 million acres) in northeastern Morocco. The Company will have a 40% interest in the Guecif-Beni Znassen reconnaissance license with TransAtlantic as operator and holding the remaining 60% interest.
The Guercif-Beni Znassen area represents the opportunity to pursue the extension of an existing producing play into a complex, under-explored basin. The initial year's work program will involve the reprocessing of 4,300 kilometers of 2D seismic and an aeromagnetic/aerogravity survey over the block. The work commitment is estimated to cost $1 million and should be completed by the first quarter 2006. Improvements in seismic processing and an understanding of the basin should permit the Company to high-grade the best areas for further exploration. The exclusive license is for a term of one year. The parties have the right to extend the reconnaissance license for an additional year or convert it to a three year petroleum agreement. There has been oil production in Morocco since the 1920's and recent law changes have made Morocco a very attractive country to explore for oil and gas.
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