Stratic Energy Share Discussion Threads

[steelwatch] 21/11/2008 02:24

Rig move for Cairngorm

Byford Dolphin



Sea Tiger



Havila Saturn



Skandi Mogster



Dea Server

[steelwatch] 20/11/2008 19:16

Crawford reservoir work complete

Published 20.11.2008 12:31:12 by John Bradbury

Updating project progress in the UK sector of the North Sea Stratic Energy has confirmed intentions by Crawford field operator Fairfield Energy to submit a field development plan for approval early new year.

Stratic, which has 19% equity in UK block 9/28a area B covering the Crawford field, said recent work has focused on integrating new well data and reservoir modelling, which is now completed.

"Progress has been made on production offtake options, with full technical and commercial terms received from nearby infrastructure owners and the review of floating production options is continuing," Stratic reported today.

And it confirmed Fairfield is aiming to submit a field development for Crawford in early 2009.



Stratic prepares for Cairngorm

Published 20.11.2008 11:17:13 by John Bradbury

North Sea-focused Stratic Energy's is gearing up for its first operated well on the Cairngorm oil prospect with the Byford Dolphin semi-submersible.

Cairngorm lies in UK blocks 16/2b and 16/3d, and the rig is now on-hire with Static and is preparing to spud the Cairngorm well, aiming to: "Test the potential high productivity of the reservoir."

Static holds 50% equity in the find, with the remainder held by Nippon Energy and the Sage complex is the nearest infrastructure the Brae platform complex.

Cairngorm was originally discovered in 1990 with the 16/3a-11 well and flowed at up to 2,600 b/d of oil. Static has indicated that doubt exists over the size of the recoverable oil reserves in the granite reservoir, and the extent of the granite, and the depth of the oil-water contact point in the reservoir.

Next year will see Stratic drill another well on the Bowmore condensate discovery in Outer Moray Firth region of the UK North Sea, west of the Brenda and Balmoral fields. Bowmore lies across blocks 15/23c, 24a, 28a, and 29e, and other partners include Nippon, which operates the blocks, plus Hunt Petroleum UK, and Britcana Energy.

Described as a Jurassic high pressure and high temperature gas and condensate prospect, Bowmore was discovered with the 1524a-4 well drilled by the Hamilton Brothers in 1990 and flowed at 11 MMcf/d of gas and 3,204 b/d of 47° API condensate.

[steelwatch] 20/11/2008 15:42

OK - Q3 Conference Call podcast now available directly from the link top left in the header. Also, run the slideshow presentation alongside for audio visual. Italy is in there - 1st gas late 2010/early 2011 and likely to be a farm down.

[steelwatch] 20/11/2008 14:50

rich - conference call in 10 minutes.

[rrogans] 20/11/2008 13:20

Hi, anyone have a view why there was no mention of the Italian assets in the results?
Rich

[steelwatch] 20/11/2008 12:12

rathkum - one has to look over the horizon at times like these.

[rathkum] 20/11/2008 11:15

Steelwatch

A sigh of relief that things can progress somewhat normally in spite of the lower oil prices. Would that be your opinion?

[steelwatch] 20/11/2008 07:51

PRESS RELEASE

20 November 2008

Don Fields Development Update

Valiant Petroleum plc ('Valiant' or the 'Company') is pleased to announce the successful achievement of a number of key milestones in the development of Don South West and West Don (together the 'Don Fields') including the

Mooring of the Northern Producer floating production facility ('Northern Producer');

Completion of major subsea construction work (including all pipeline laying); and

Successful drilling of the first oil production well on West Don.

In early November following the completion of successful sea-trials, the Northern Producer was towed to the Don Fields, located approximately 150 km northeast of the Shetland Islands. The Northern Producer was safely moored between the two fields in approximately 500 ft of water. Offshore installation of the Northern Producer follows a six month refurbishment programme at the McNulty construction facility in Newcastle-upon-Tyne which was completed on schedule.

The major subsea construction work has now been completed at the Don Fields, including all of the pipeline lay by the Technip CSO Apache. The offshore work program will now continue through November and December to install risers over the mid-water arch to connect the field pipelines to the Northern Producer and to install the submerged anchor loading system for tanker oil export.

The first production well drilled by the Transocean John Shaw semi-submersible drilling unit ('John Shaw') on West Don was successfully steered to penetrate in excess of 2,000 ft of the upper and lower Etive formation, the main productive reservoir in West Don. Initial results exhibit both good oil saturation and porosities at the high end of expectations. The liner has been successfully cemented and the well will now be completed for first oil. The John Shaw will then move to Don South West by the end of the year giving access for tree hook-up within January for the first West Don producer.

The Stena Spey semi-submersible drilling unit is also due to arrive in late January to accelerate the completion of development drilling.

As reported in the recent trading update, Valiant can confirm it continues to be fully compliant with all the terms of its debt facilities which together with the cash on its balance sheet in excess of £50m mean that Valiant remains fully funded beyond first production on both the West Don and Don South West fields.

Valiant's Chief Executive, Peter Buchanan commented:

'We are very pleased with the offshore progress and the West Don well results which have arrived on prognosis, and we look forward to finishing the hook-up phase and achieving first production within the first quarter.'

[steelwatch] 20/11/2008 07:42

Q3 Results



Exploration and Appraisal:


Successful test of East Breagh appraisal well; West Breagh well recently commenced drilling

Byford Dolphin semi-submersible drilling unit on-hire preparing to spud Stratic's first operated well on Cairngorm - an existing oil discovery in UK North Sea, to appraise the discovery and test the potentially high productivity of the reservoir

Well planning being advanced for 2009 appraisal of Bowmore condensate discovery in UK North Sea

3 blocks awarded in the UK 25th Offshore Licensing Round, including 2 blocks in Breagh field area containing three tested gas discoveries

Financial (all amounts in US dollars)


Gas sales revenues in Turkey of $2.2 million in Q3 (2007: $1.5 million) with production in the quarter of 186.3 mmscf (2007: 168.9 mmscf)

Net loss for quarter of $13.0 million (2007: $5.4 million)

Capital expenditure for the quarter of $19.9 million, mainly on West Don. 2008 capital expenditure projected at approximately $90 million, approximately half on developments and half on exploration/appraisal.

It is expected that West Don expenditures will account for a little less than one-half of the Borrowing Base Facility amount, leaving the balance of the facility as available for future field development projects once approved by host governments and lenders. The Borrowing Base Facility is scheduled in the normal course for a redetermination by the end of the year, in which the latest production and costs profiles, together with new economic assumptions including oil prices, will be agreed with the banks. On the latest information available to Stratic, including the new oil prices proposed by the banks, Stratic anticipates that there will be a small reduction in the amount of the facility available for West Don development expenditures. This reduction in funding is not expected to exceed $5 million and will be met from existing cash resources.

[steelwatch] 13/11/2008 17:04

A bit of info on Crawford in here:

[steelwatch] 13/11/2008 14:00

EnCore Oil plc (LSE: EO.) is pleased to announce that as of 01:00 hours on 13 November, the West Breagh appraisal well spudded on Southern North Sea block 42/13.

The well (42/13-5) will define how the reservoir will perform from a horizontal well, providing a better understanding of development options, production profiles and recoverability. If successful, it is planned that the well will be suspended for later use as a production well.


The original Breagh gas discovery was made in 1997 by well 42/13-2 and was successfully appraised in 2007 with well 42/13-3, which tested at rates up to 17.6 million standard cubic feet per day (mmscfd). Well 42/13-4, which drilled in October of this year, successfully tested at 10.2 mmscfd and has been suspended for potential future use as a production well.

[steelwatch] 13/11/2008 09:35

Byford Dolphin rig move soon:



edit: stood down - more very rough conditions.

[steelwatch] 13/11/2008 07:29

Stratic Awarded Three North Sea Blocks in U.K. 25th Offshore Licensing Round

CALGARY and LONDON, November 13th, 2008 - Stratic Energy Corporation (TSX Venture: 'SE', AIM 'SE.') ('Stratic' or the 'Company') announces that it has been awarded three blocks in the U.K. 25th Offshore Licensing Round.


The Licences awarded to Stratic include blocks 42/10 and 42/15 in the Southern Gas Basin adjacent to the Breagh gas discovery and part block 20/15 in the Central North Sea.


Stratic will have a 20% interest in blocks 42/10 and 42/15 operated by Sterling Resources. The blocks are located approximately 20km from the Breagh discovery, in which Stratic has a 10% interest, and where the partnership is currently preparing to spud the second of two appraisal wells to be drilled this year.


Block 42/10 contains two undeveloped discoveries; a small Triassic Bunter Sandstone discovery which tested at 19.6 mmscf/d from the 42/15b-1 well drilled by Total in 1984, and a Carboniferous gas discovery in well 42/10-2z which was drilled by Mobil in 1996, and tested at 8 mmscf/d. Block 42/15 contains a Zechstein gas discovery in the 42/15a-2 well drilled by Total in 1990, and which tested gas at 7.6 mmscf/d. The award is for a traditional licence with a term of four years, and requires acquisition of 2D seismic and a firm well commitment.


In the Central North Sea, Stratic will have 100% and operate part block 20/15. This block is directly to the northwest of the Kittiwake area and adds moderate risk exploration to Stratic's existing U.K. portfolio. The award is for a traditional licence with a term of four years, and requires reprocessing of existing seismic data.


Mark Bilsland, Stratic's Chief Operating Officer, commented that 'the award of blocks 42/10 and 42/15 with their existing discoveries offers the potential for low risk additions to our existing resource base in the Breagh area. In addition, part block 20/15 will complement our existing exploration portfolio in the North Sea which will provide the next generation of opportunities for Stratic'.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this release.

[steelwatch] 11/11/2008 03:47

westie - welcome and congrats on de 2 chunks. A wee bit premature due to excellent wind surfing ops in the outer Moray Firth, but:

[steelwatch] 10/11/2008 12:33

Just waiting for better weather to get Byford Dolphin towed out for Cairngorm spud.

[steelwatch] 06/11/2008 08:50

Also 'unknown', which I am guessing to be Northern Producer seems have arrived and is currently stationary.

[steelwatch] 06/11/2008 08:44

Anglian Earl high tailing it to Lowestoft, so, spud imminent I think.

[mad jack mcmad] 05/11/2008 13:20

Thanks for all the tracking steelwatch, appreciated!

[steelwatch] 05/11/2008 13:01

Must be due a weather delayed West Breagh deviated well spud very soon now following completion of the East Breagh success.

[steelwatch] 05/11/2008 10:52

Northern Producer - aka "The Unknown"