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Stratic Energy Corporation - First Quarter 2009 Results
CALGARY and LONDON, May 29 /CNW/ - Stratic Energy Corporation (TSX Venture: `SE', AIM `SE.') ("St...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"\n\n\n\nCALGARY and LONDON, May 29 /CNW/ - Stratic Energy Corporation (TSX\nVenture: `SE', AIM `SE.') ("Stratic" or the "Company") has today filed its\ninterim financial statements and accompanying Management's Discussion and\nAnalysis for the quarter ended March 31, 2009. This filing can be accessed at\nwww.sedar.com and on the Company's website www.straticenergy.com.\n\n\nHighlights:\n\nWest Don Development\n\n- First West Don production commenced on April 28, 2009; first well has\n produced at gross rates of up to 20,000 bopd - currently choked back\n to 10,000 bopd in planned program to gather operational data\n\n- Water injector well drilled; second producer well to complete\n development currently being drilled and scheduled to be brought on\n stream in July 2009\n\n- Production expected to build to gross peak of 25,000 bopd (4,300 bopd\n net Stratic) in third quarter 2009\n\n- Project 93% complete as at end April; remaining capex on completion\n of drilling and tie-in to Brent export system Appraisal and Pre-\n Development Assets\n\n- Breagh appraisal drilling completed successfully - work continues\n towards Field Development Plan submission\n\n- Bowmore well due to spud in June 2009\n\nDisposal Program\n\n- Advancing discussions with bidders as part of the disposal program\n announced previously (involving some or all of the Company's\n interests in Italy and Turkey and the Breagh gas discovery in the UK)\n to raise capital from the portfolio for reinvestment and to reduce\n debt levels\n\nFinancial (all amounts in US dollars)\n\n- Gas sales revenues in Turkey of $1.4 million in Q1 (2008: $1.2\n million) with production in the quarter of 129.4 mmscf (2008: 126.9\n mmscf)\n\n- Net loss for quarter of $6.8 million (2008: $5.1 million)\n\n- Capital expenditure for the quarter of $16.3 million (2008: $6.7\n million), mainly on West Don\n\n- Cash and cash equivalents (including restricted cash) of $14.4\n million (2008: $5.5 million) at quarter end; bank debt and\n convertible notes totaling $127.9 million (2008: $36.1 million) at\n quarter end.\n\n\nKevin Watts, Stratic's President and Chief Executive Officer, commented:\n"We continue to work on our two key objectives: first, to conclude our\ndisposals program to strengthen our balance sheet and second, to finalise the\namendments to our banking arr...