Stratic Issues Operational Update
Stratic Energy Corp. on Wednesday released an operational update on its exploration and development activities in the North Sea, Turkey, Morocco, and Syria.
U.K. North Sea
The company continues to advance its three potential oil developments in the North Sea:
West Don (Block 211/13b, Stratic 50%)
The technical data exchange with the owners of Block 211/18a (which contains the southern portion of the field) is progressing, and the two groups are working toward an agreed determination for the field. Further concept screening studies and engagement with potential hosts will take place in order to meet the target date for the submission of a field development plan to the U.K. licensing authorities by the end of this year.
Crawford (Stratic 5.58%, increasing to 19%)
The new partnership group (Petrofac 29% and operator, Fairfield 52%, and Stratic 19%--post-completion of the acquisition of additional interests from Tuscan) is considering options for the drilling of a pre-development well on the field to test the productivity of the Triassic reservoir within the field. In order to be in a position to drill this well (which if successful may be retained as a production well as part of the wider Crawford re- development scheme), the partnership has contracted the Gardline Ocean Seeker and is in the process of shooting a site survey over potential well locations in the field. Efforts to source a potential rig to drill this well in late 2006 or early 2007 are underway.
Cairngorm (Stratic 50%)
The Atlantic Explorer (operated by PGS on behalf of Stratic and Nippon) is expected to commence the acquisition of 400 square kilometers of 3D seismic over the Cairngorm discovery, which lies in blocks 16/2b and 16/3d, on July 27, 2006. The survey will also cover a number of attractive prospects in the acreage, including "Prospect X", with a view to a possible multi-well drilling campaign commencing in late 2007.
U.K. 24th Round Applications (Stratic 30 - 50% equity)
Stratic has participated in a number of applications for both operated and non-operated licenses in the latest UKCS 24th Licensing Round. The focus of these applications, which cover five blocks or part blocks, is on discovered reserves and low-risk exploration prospects near to the company's existing acreage. Stratic expects to hear whether it have been successful in these applications in the fall of 2006.
Turkey (Stratic 12.25%)
The operator has commenced installation of the production tripod over the Akkaya structure in Phase I of the company's gas development in the South Akcakoca Sub-basin. The tripod is being installed using the Prometheus jack- up rig, which has recently completed operations on the Kuzey Akkaya No. 1 well, a small stratigraphic prospect to the north of the Akkaya discovery. The well, which did not form part of the Phase I development plan, found well- developed sands but failed to encounter hydrocarbons. The well was drilled to utilize an additional slot at the end of the Prometheus drilling sequence, and was completed at a cost of approximately US$4 million (US$500,000 net to Stratic's 12.25% working interest).
Once installation of the Akkaya tripod is complete, the Prometheus rig will move to the Dogu Ayazli field and will drill the final Phase I development well, Dogu Ayazli No. 3. The Phase I development scheme will ultimately consist of three tripods (one each on Ayazli, Dogu Ayazli and Akkaya) with a total of 8 productive wells (2 on Ayazli, 3 on Dogu Ayazli and 3 on Akkaya). The partnership is also considering the optimal development plan for the recent successful Bayhanli No. 1 well, which may be tied back to the Dogu Ayazli facilities. First production from the Phase I development is expected in the fourth quarter of 2006.
The Saturn jack-up rig has completed its contract and has been released from the field area to commence operations for OMV. The Prometheus rig will be used to install the remaining tripod facilities on Dogu Ayazli and Ayazli and to tie-in Phase I wells later in the summer.
The Southern Cross semi-submersible rig, which is currently operating in the Mediterranean, is expected to commence operations in the South Akcakoca sub-basin in mid-October. The rig will be used to drill up to three wells on the Akcakoca trend, which includes the Akcakoca gas discovery made in 1975. These wells, if successful, will form part of the Phase II development of the Akcakoca sub-basin area.
In the TPAO (Turkish state oil company) operated acreage to the east of the current discoveries, three exploration wells are planned, with drilling expected to commence in the fourth quarter of 2006. The drilling sequence for these wells will be agreed at operating committee meetings in Ankara later this week. A 2D seismic survey over the acreage to the west of the current discoveries is also planned prior to year-end.
On the company's Moulay Bousselham permit (Stratic 36%), onshore north west Morocco, the partnership has agreed to drill a well to a projected depth of 1,620 meters, commencing mid-October 2006. The well, which is targeting the Menadra oil prospect, will be drilled by the operator, Heyco Maroc, using a state-owned land rig with the main risk being reservoir development.
The company has extended its Guercif and Beni Znassen Reconnaissance License (Stratic 40%) until the end of 2006. Evaluation of potentially prospective areas of this large land position continues with a view to conversion of parts of the area into firm permits in due course.
Syria (Stratic 35% and operator)
Planning work on the company's prospective Block 17 acreage continues ahead of a seismic acquisition program expected later this year. These plans are due to be finalized by the partners in September, 2006. The company expects to drill at least one exploration well on the acreage in 2007.
“I am pleased with the progress we are making throughout our portfolio, particularly in the North Sea and Turkey where we are striving to advance our oil and gas developments toward production during a period of favorable commodity prices,” said Kevin Watts, Stratic’s president and CEO. “Our underlying business is strong and we are well placed to exploit opportunities during this period of relatively weak stock market conditions."
Stratic is an international exploration and development company with gas developments in Turkey, oil developments in the U.K. North Sea, and exploration acreage in Morocco and Syria.
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