Stratic Spuds Crawford Well in North Sea

Stratic Energy has spudded the Crawford oil field appraisal well 9/28a-18 in the North Sea with the heavyweight jack-up rig, Rowan Gorilla VII. The contracting of this rig has brought forward appraisal drilling from the previous schedule of mid 2008. Drilling is expected to take around 50 days, and is likely to be followed by an extensive testing program and, subject to equipment availability, a hydraulic fracture program.

Well 9/28a-18 is designed primarily to appraise the potential of the Triassic reservoir in the previously untested northern part of the Crawford field, to allow a decision to be made to re-develop the field using modern drilling and completion technology. In addition, the well will appraise further Tertiary potential. The Crawford field was originally developed by Hamilton Brothers in the 1980s but was abandoned in 1990, in a lower oil price environment, having produced only 4 million barrels of oil.

The Crawford co-venturers are: Fairfield Acer Ltd (operator, 52%), Valiant Petroleum Ltd (29%) and Stratic Energy (UK) Ltd (19%).

Mr. Kevin Watts, Chief Executive Officer of Stratic, said: "We are delighted that we have been able to accelerate the drilling of this very important well for Stratic. The well and planned test program will provide key sub-surface information to allow us to take the Crawford project forward to a development decision.

This is the third well Stratic will drill this quarter, with others already operating to appraise the Breagh gas discovery in the North Sea and the Bati Eskikale gas prospect on trend with our existing discoveries offshore Turkey. Success with these wells will provide us with further development opportunities to add to our four existing near-term developments, which are all now close to investment approvals."

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