Stratic Energy Corporation - Second West Don production well on stream

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[{"type":"text","content":"\n\n\n\nCALGARY and LONDON, Aug. 10 /CNW/ - Stratic Energy Corporation (TSX\nVenture: `SE', AIM `SE.') ("Stratic" or the "Company") is pleased to announce\nthe commencement of oil production from the second production well in the West\nDon field (Stratic 17.25%) and the imminent start up of water injection and\ngas lift operations within the field. The field operator, Petrofac, is working\ntowards bringing the field up to its full operating capacity over the next few\nmonths; the two production wells are currently producing in excess of 11,000\nbopd gross and are expected to benefit from pressure support from the\ncommencement of water injection and gas lift operations.\n\n\nOverall plant uptime during the offshore loading phase is expected to\nimprove once all well stock from West Don and its sister field Don South West\nare brought on stream and the plant fully commissioned. Since the first well\nwas brought on stream on April 28, 2009 the field has produced over 800,000\nbarrels. The first two cargoes from the field have been lifted and sold at an\naverage price to Stratic in excess of $67.34 per barrel. Stratic's net share\nof these proceeds amounted to approximately $8.25 million.\n\n\nThe remaining elements of the development plan involve tying the field\nback to the nearby Thistle platform, expected to be completed and commissioned\nearly in 2010, at which point offshore loading will be discontinued. Stratic\nexpects to provide an update on production estimates for the balance of this\nyear and next year once the current commissioning phase is complete and both\nproduction wells and the injector well are operating under stable conditions.\n\n\nMark Bilsland, Chief Operating Officer, commented "We are pleased that\nthe second production well is now on stream and that water injection and gas\nlift operations will commence shortly. We look forward to reaching full\nproduction capacity and achieving improved plant efficiency over the coming\nmonths".\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of the contents of this\nrelease.\n\n\nAbout Stratic:\n\n\nStratic Energy Corporation is a Canadian-incorporated international oil\nand gas business focused on adding value principally through the appraisal,\ndevelopment and production of e...

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