Stratic Energy Snags 3 Central North Sea Blocks

Stratic Energy has been awarded three blocks in the U.K. 25th Offshore Licensing Round.

The Licences awarded to Stratic include blocks 42/10 and 42/15 in the Southern Gas Basin adjacent to the Breagh gas discovery and part block 20/15 in the Central North Sea.

Stratic will have a 20% interest in blocks 42/10 and 42/15 operated by Sterling Resources. The blocks are located approximately 20km from the Breagh discovery, in which Stratic has a 10% interest, and where the partnership is currently preparing to spud the second of two appraisal wells to be drilled this year.

Block 42/10 contains two undeveloped discoveries; a small Triassic Bunter Sandstone discovery which tested at 19.6 mmscf/d from the 42/15b-1 well drilled by Total in 1984, and a Carboniferous gas discovery in well 42/10-2z which was drilled by Mobil in 1996, and tested at 8 mmscf/d. Block 42/15 contains a Zechstein gas discovery in the 42/15a-2 well drilled by Total in 1990, and which tested gas at 7.6 mmscf/d. The award is for a traditional licence with a term of four years, and requires acquisition of 2D seismic and a firm well commitment.

In the Central North Sea, Stratic will have 100% and operate part block 20/15. This block is directly to the northwest of the Kittiwake area and adds moderate risk exploration to Stratic's existing U.K. portfolio. The award is for a traditional licence with a term of four years, and requires reprocessing of existing seismic data.

Mark Bilsland, Stratic's Chief Operating Officer, commented, "The award of blocks 42/10 and 42/15 with their existing discoveries offers the potential for low risk additions to our existing resource base in the Breagh area. In addition, part block 20/15 will complement our existing exploration portfolio in the North Sea which will provide the next generation of opportunities for Stratic."