CALGARY and LONDON, June 22 /CNW/ - Stratic Energy Corporation (TSX Venture: 'SE', AIM: 'SE') ("Stratic" or the "Company") announces that operator Nippon Oil Exploration and Production U.K. Limited commenced drilling operations on the 15/24a-J Bowmore appraisal well located in the UK Central North Sea with the Ocean Guardian semi-submersible rig on 20 June 2009. Stratic has a fifteen per cent interest in the P1465 licence covering blocks 15/24a, 15/23c, 15/28a and 15/29e.
The 15/24a-J well is located between the 15/24a-4 discovery well and the recently appraised Bugle accumulation to the west on contiguous block 15/23d. The well is targeting Upper Jurassic sandstones which flowed hydrocarbons at the 15/24a-4 discovery and at the Bugle accumulation. The original 15/24a-4 discovery well, drilled in 1990, flowed 11 million standard cubic feet of gas per day and 3,024 barrels of condensate per day. Operations to total depth, including wireline logging, are expected to take 45 days.
Dr Mark Bilsland, Chief Operating Officer, commented "We are looking forward to the results of this important first appraisal well designed to test the down-dip potential of the Bowmore accumulation. The results of this well will provide valuable information on the size and reservoir characteristics of the Bowmore discovery and assist in defining development options."
About Stratic: Stratic Energy Corporation is a Canadian-incorporated international oil and gas business focused on adding value principally through the appraisal, development and production of existing discoveries, supplemented by a low to moderate risk exploration program. Stratic's principal interests are in the UK and Dutch sectors of the North Sea, Italy, Turkey and Syria. Its shares are listed on the TSX Venture Exchange in Toronto and on AIM, London and its principal operating office is in London, UK.
Forward-looking statements
This news release contains certain forward looking statements, which involve assumptions with respect to future plans, production levels and results, and capital expenditures. The reader is cautioned that all such forward looking statements involve substantial risks and uncertainties and the assumptions used in their preparation may not prove to be correct. Stratic's actual results could differ materially from those expressed in, or implied by, these forward looking statements and accordingly, the forward looking statements are qualified by reference to these cautionary statements. The forward looking statements contained herein are made as at the date of this news release. Stratic undertakes no obligation to update or publicly revise forward looking statements or information unless so required by applicable securities laws.
TSX-V and AIM notifications
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this release.
Stratic's Chief Operating Officer, Dr Mark Bilsland BSc (geology), PhD (petroleum petrophysics), and member of the SPE, is the qualified person who has reviewed and approved the technical information in this announcement for the purposes of the AIM Rules for Companies (incorporating the Guidance Note for Mining, Oil and Gas Companies).