Stratic Commences Drilling at Cairngorm in the UKCS

Stratic, as license operator, announced that drilling operations have commenced at the Cairngorm discovery area (Stratic 50%) in UKCS blocks 16/2b and 16/3d on November 29, 2008. Stratic's co-venturer in this well is Nippon Oil Exploration and Production UK Limited (50%).

The Cairngorm well, 16/2b-5, is Stratic's first operated well in the UKCS. Drilling operations are underway with the Byford Dolphin semisubmersible drilling unit and are expected to continue for 50-60 days. The primary target of the 16/2b-5 well is to appraise multiple fracture zones in the granite reservoir which are thought to have been damaged in the 16/3a-11z discovery well which flowed at rates in excess of 2000 bopd. The 16/2b-5 well has additional secondary exploration objectives in the overlying Palaeocene and Eocene sections.

Mark Bilsland, Stratic's Chief Operating Officer commented, "The start of operations at the Cairngorm well marks a significant key milestone for Stratic. This well is our first operated well in the UKCS and we anticipate testing the potentially high productivity of this fractured granite reservoir in early 2009."

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