Business
Stratic Energy Corporation - Third Quarter 2009 Results
Stratic Energy Corporation - Third Quarter 2009 Results
About this update from Arrow Exploration Corp.
[{"type":"text","content":"\n\n\n\nNov. 30, 2009 (Canada NewsWire Group) -- CALGARY and LONDON, Nov. 30 /CNW/ -- Stratic Energy Corporation (TSX Venture: 'SE', AIM 'SE.') (\"Stratic\" or the \"Company\") has today filed its Interim Financial Statements and accompanying Management's Discussion and Analysis for the quarter and nine months ended September 30, 2009. This filing can be accessed at www.sedar.com and on the Company's website www.straticenergy.com. All amounts below are US dollars, unless otherwise stated.Highlights:Disposal Program- Sale of Breagh asset completed - gross proceeds of $65 millionreceived and mainly used to pay down bank and other debt- Sale of Italian business to Enel Trade SpA announced - cashconsideration of 34.3 million ($50.9 million) due on completion whichis expected late in the first quarter of 2010; further contingentconsideration of up to 6.6 million ($9.8 million) depending on timingof Longanesi field production commencementWest Don Development- West Don gross oil production averaged 6,743 bopd (Stratic net1,163 bopd) for the third quarter from two wells (second well sinceAugust)- Water injection well brought on stream in early September - injectionaveraging approximately 5,000 bwpd - higher injection rates expected- Field expected to produce approximately 1.75 mmbbls gross by end 2009- Pipeline tie-back to nearby Thistle platform on schedule forcompletion in the first quarter 2010- Third production well to access further reserves in the southern partof the field under evaluation with a view to drilling in summer 2010- Updated reserves report by independent engineers Ryder Scott:- reduces gross ultimate proved and probable reserves by 9% to18.4 mmbbls (Stratic net 3.17 mmbbls)- increases gross remaining proved and probable reserves at end2009 by 16% to 16.5 mmbbls (Stratic net 2.84 mmbbls) mainly dueto lower than expected production in 2009- revised peak gross production of approximately 11,000 bopd nowin 2011, declining thereafter at a lower rate than originallyforecastExploration/Appraisal and Pre-Development Assets- Crawford field development plan - alternative development conceptutilizing jack-up drilling unit with production facilities on deckbeing considered; sanction of project deferred until 2010, pendingcompletion of ongoing pre-development study work- Bowmore - well suspended in August as a 'tight hole' for com...