Business
Stratic Energy Corporation - Second Quarter 2009 Results
CALGARY and LONDON, Aug. 28 /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, Aug. 28 /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 and six months ended June 30, 2009. This filing can\nbe accessed at www.sedar.com and on the Company's website\nwww.straticenergy.com. All amounts below are US dollars, unless otherwise\nstated.\n\n\nHighlights:\n\nDisposal Program\n\n - Sale of Breagh asset completed - gross proceeds of $65 million\n received; exclusive negotiations with a preferred buyer ongoing in\n respect of Italian business\n\n - Proceeds of Breagh asset sale used primarily to pay down debt -\n net debt at August 14, 2009 of $153.9 million reduced on proforma\n basis for Breagh proceeds by 42% to $89.0 million\n\nWest Don Development\n\n - West Don oil production commenced on April 28, 2009; average net\n production for the second quarter of 1,075 bopd (6,233 bopd\n gross). Currently producing at over 12,000 bopd gross from 2 wells\n but operationally constrained\n\n - Field produced nearly 1 million barrels of oil to date; 3 cargoes\n sold at an average price of over $68/bbl yielding approximately\n $11 million net to Stratic\n\n - Operator working to bring the field to full operating capacity\n\n - Remaining development work is pipeline tie-back to nearby Thistle\n platform, expected to be completed and commissioned early 2010\n\nAppraisal and Pre-Development Assets\n\n - Crawford field development plan being reviewed by partnership -\n submission for DECC approval planned by year-end\n\n - Bowmore - the well has reached its total depth having penetrated\n its primary target horizons in the Upper Jurassic. Wireline logs\n have been obtained and evaluated. The well is to be suspended\n pending further evaluation\n\nFinancial\n\n - Oil and gas sales revenues in the UK and Turkey of $7.0 million in\n Q2 (2008: $2.5 million) with production in the quarter of\n 1,372 boepd (2008: 477 boepd)\n\n - Net loss for quarter of $8.4 million (2008: $6.5 million)\n\n - Capital expenditure for the quarter of $14.4 million (2008:\n $7.9 million), mainly on West Don\n\n - Cash and cash equivalents (including restricted cash) of $12.4\n million at period end (December 31, 2008: $28.2 million); bank\n debt...