Bugle North well operations update
May 07 2010 - 7:41AM
UK Regulatory
TIDMSE.
RNS Number : 5487L
Stratic Energy Corporation
07 May 2010
NEWS RELEASE
Bugle North well operations update
CALGARY and LONDON, May 7th, 2010 - Stratic Energy Corporation (TSX Venture:
'SE', AIM: 'SE') ("Stratic" or the "Company") announces that Nexen, acting as
operator of the well, will plug and abandon the 15/23d-15 Bugle North well in
the North Sea. Stratic has a 7.5 per cent interest in this well.
The Bugle North well was targeting the northern extension of the Bugle oil
discovery that was appraised by the P815 group in 2008. The well reached a total
depth of 15,145ft MD and was drilled close to the boundary between blocks 15/23c
and 15/23d and encountered minor quantities of hydrocarbon in the target
horizon. The cost of the well is equally split between the P1465 and P815
partnerships.
Separately, the P1465 partnership has approved a budget for the abandonment
later in 2010 of the 15/24a-9 Bowmore appraisal well drilled last year.
For further information contact:
John van der Welle, Chief Financial Officer
+44 20 7766 7900
Mark Bilsland, Chief Operating Officer
+44 20 7766 7900
Patrick d'Ancona, M:Communications
+44 20 7920 2347
Canadian Investor Relations
Roger Fullerton
+1 952 929 7243
Email: roger.fullerton@straticenergy.com
Website: www.straticenergy.com
About Stratic: Stratic Energy Corporation is a Canadian incorporated
international oil and gas business which is engaged in the appraisal,
development and production of petroleum and natural gas discoveries,
supplemented by an exploration program. As a result of the worldwide credit
crisis, which has particularly affected the Company in view of the capital
intensive nature of its strategy, Stratic has been involved in a major
restructuring program over the last twelve months to reduce debt levels and
create financial flexibility. In future the business will be focused on the
North Sea for its cash flow generating ability (West Don) and near term
development investment opportunity (Crawford), whereas its exploration effort
will be increased and concentrated on lower cost areas and potential company
changing opportunities. Stratic's 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).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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