Business
Stratic Energy Corporation - Business Update and 2010 Outlook
Stratic Energy Corporation - Business Update and 2010 Outlook
About this update from Arrow Exploration Corp.
[{"type":"text","content":"\n\n\n\nFeb. 9, 2010 (Canada NewsWire Group) -- CALGARY and LONDON, Feb. 9 /CNW/ -- Stratic Energy Corporation (TSX Venture: 'SE', AIM 'SE.') (\"Stratic\" or the \"Company\") is pleased to provide a business update and review of its plans for 2010.The Company also announces that a conference call will take place today at 12 noon Eastern Time (5pm London Time) during which a question and answer session on the Company's portfolio and strategy will be held. Call in details may be found at the end of this press release.Overview- West Don 2009 gross production 1.89 mmbbls (equivalent to anannualised average of 5,151 bopd, 892 bopd net to Stratic)- Water injection operational issues resolved, reservoir pressureshowing signs of recovery- Gas lift stability improved- Tie in to Thistle/Brent pipeline system on schedule for February2010 completion- Partnership investigating third production well to accelerateproduction from southern region of the field- Crawford field development work continues on track, focusing onreducing costs and FDP submission by mid year 2010- Planned participation in Bugle North well in Bowmore area, subject toJoint Well Agreement- Completed drilling operations on Al Tayr 101 in Syria, well pluggedand abandoned after unsuccessful testing- Signed Letter of Intent for farm-out of F Quad acreage offshoreNetherlands, to include a possible carried exploration well- Completion of sale of Italian business on schedule for closing by endof first quarter 2010- Amended bank facility provides new $10 million short-term line ofcredit and deferral of scheduled 2009 year end repayments ofapproximately $25 million, to be repaid out of Italian disposalproceeds- Change in North Sea strategy and shift towards increased activity inlower cost international areas.OperationsProduction from Stratic's West Don field totalled 1.89 million barrels (mmbbls) (gross) for 2009, equivalent to 5,151 barrels of oil per day (bopd) on an annualised basis (892 bopd net to Stratic), ahead of the Company's November guidance of 1.75 million barrels.Operational stability has improved with the two producing wells responding to gas lift and issues around the water injection process resolved. There are now clear signs of water injection support at the producing wells. Progress towards the changeover from tanker export to a permanent pipeline export route is ...