Commencement of drilling on Bugle North
23 Février 2010 - 3:19PM
UK Regulatory
TIDMSE.
RNS Number : 5559H
Stratic Energy Corporation
23 February 2010
NEWS RELEASE
Commencement of drilling on Bugle North
CALGARY and LONDON, February 23, 2010 - Stratic Energy Corporation (TSX Venture:
'SE', AIM 'SE.') ("Stratic" or the "Company") announces that operator Nexen
spudded the 15/23d-15 well on the boundary between blocks 15/23c and 15/23d on
22 February, 2010. The well is being drilled as a joint well between two
separate partnership groups and will satisfy a licence commitment for the P1465
(Bowmore area) partnership operated by Nippon Oil Exploration and Production UK
Limited on behalf of Stratic and other partners.
The Bugle North well targets the northern extension of the Bugle oil discovery
that was appraised by the P815 group in 2008. The well is to be drilled by the
Glomar Arctic IV semisubmersible drilling unit to a total depth of approximately
15,000 feet and is expected to take approximately 60 days to drill to that
depth. The cost of the well will be equally split between partnerships,
exposing Stratic to 7.5% of the gross well cost estimate of approximately GBP25
million ($3 million net to Stratic).
TSX-V notification
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).
For further information contact:
Kevin Watts, President and Chief Executive Officer +44 20
7766 7900
Mark Bilsland, Chief Operating Officer
+44 20 7766 7900
Patrick d'Ancona, M: Communications
+44 20 7153 1547
Canadian Investor Relations
Roger Fullerton
+1 952 929 7243
Email: roger.fullerton@straticenergy.com
Website: www.straticenergy.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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