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Stratic Energy Corporation - Annual Results and Reserves for 2008
CALGARY and LONDON, April 30 /CNW/ - Stratic Energy Corporation (TSX Venture: 'SE', AIM 'SE.') ("...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"\n\n\n\nCALGARY and LONDON, April 30 /CNW/ - Stratic Energy Corporation (TSX\nVenture: 'SE', AIM 'SE.') ("Stratic" or the "Company") announces its results\nfor 2008 and a summary of reserves, including reserves evaluation. The\nreserves and reserve evaluation have been independently assessed by Ryder\nScott Company L.P. in accordance with the standards specified by Canadian\nNational Instrument 51-101. Full consolidated Financial Statements,\nManagement's Discussion and Analysis (MD&A), and 51-101 filing can be accessed\nat www.sedar.com and on the Company's website www.straticenergy.com.\n\n\nHighlights:\n\n- West Don development commenced with first oil achieved on April 28,\n 2009, Stratic's share of peak production expected to be 4,300 bopd.\n\n- Two successful appraisal wells drilled on Breagh gas discovery: first\n well proves up eastern part of field; second well demonstrates\n increased production potential of horizontal wells.\n\n- Development planning work advanced on Crawford, including offtake\n arrangements, with aim of seeking UK government approval by end 2009.\n\n- Development planning work on Longanesi completed and production\n concession application made in early 2009; now awaiting regulatory\n approval.\n\n- Financing of $42.5 million of convertible notes raised in April 2008\n together with $150 million development and pre-development debt\n facility.\n\n- Disposal programme launched to focus business in the North Sea and\n raise capital from portfolio in response to worldwide credit crisis;\n bids currently under evaluation.\n\n- Agreement reached with lending banks to defer loan repayments of\n $5.8 million due end June 2009 and agreement in principle also\n reached, subject to certain conditions, to provide additional debt\n availability to cover potential expenditure prior to receipt of\n disposal proceeds.\n\n- Proved and probable reserves reduced from 19.1 mmboe to 14.4 mmboe,\n with 3.6 mmboe of the downgrade as a result of removing Horizon West\n from booked reserves in the absence of a firm development plan.\n\n- Net loss for 2008 of $40.3 million (2007 - $47.3 million) including a\n $21.2 million write down as a result of the downgrade of Horizon West\n reserves.\n\n\nThe Company was delighted to announce first production from West Don\nearlier this week, which by any measur...