Stratic Energy Share Discussion Threads

[rrogans] 05/1/2009 12:44

Well, I took that as a positive ;-)
When the rabble turn up, that's usually the time to sell, IMO.
Rich

[steelwatch] 04/1/2009 20:28

So much going on here and so quiet!

[steelwatch] 23/12/2008 11:45

Stratic Energy (SE.L): Currently trades at 400% of its listing price and
has a strong cash position of $30m. EV/2P bbl is $5.88 and exploration
premium sits at 60%. Whislt EV.Cash is a little high at 3.74x this active
explorer and developer is still one to watch.

[steelwatch] 22/12/2008 21:46

ROB - it's 5 wells. 3 on West Don, West Breagh and Cairngorm (with a 6th also due to spud in January: Al Tayr 101 Syria) and we are waiting on results of the MSD-1 re-entry in Morocco. That means we could have seven on the go simultaneously!

As you say, either the market has completely overlooked this, or it is considered too high risk until proven otherwise.

[robizm] 22/12/2008 20:10

can these go any lower? Surely news of the 2 wells being drilled is not through

[steelwatch] 18/12/2008 11:15

FQS - Cairngorm is a high risk drill. Fingers crossed it comes in. The price of oil, (poo) isn't helping.

[failedqs] 18/12/2008 11:08

Spread now 6.5p to 8.0p....
Nervous times, I think on the back of Oilexco's problems. However, Stratic would appear to be in a more robust position with finances than Oilexco, so I think this fall is overdone.

[skyship] 09/12/2008 15:32

Thanks to Orient for this link from the OIL thread:

A decent oil summary...



Also, interesting to see Oilexco UP again today – now 102p. Surely this auction for the Company or its assets could act as a barometer for the incredible value now to be found in so many tertiary oil stocks: AEY, AST, IAE, NPE, NOP, SE. etc.etc.etc.

Topped-up in AEY @ 19.07 this morning; and I've bought back into VPC as well, as I believe oil will be back over $50 next week & will sweep the whole sector higher...

[steelwatch] 06/12/2008 02:51

Morocco

The MSD-1 well re-entry on the Guercif licences (Stratic 20%, paying 0%) commenced in October. A cement plug has been drilled out and operations are ongoing. Stratic is fully carried on this well.

[steelwatch] 04/12/2008 17:20

UK independent oil and gas production companies Venture Production plc ("Venture") and Fairfield Energy Limited ("Fairfield"), today announce that they have each entered into a multiyear contract with Schlumberger for the provision of well fracture and stimulation services from the state of the art dedicated dynamically positioned ("DP2") vessel the Siem Sailor. Venture and Fairfield have co-operated fully in negotiations to secure the vessel.

The vessel will be based in the North Sea and when not assigned to Venture or Fairfield's projects, will be made available to other operators for work in the UK, Dutch and Norwegian sectors.

The vessel has storage capacity for 2.5 million lbs of proppant, 315,000 gallons of fresh water, 10,000 gallons of liquid gel and a maximum pump pressure rating of 12,000 psi. In addition, the vessel has 13,550 hydraulic horse power ("HHP") capacity, station keeping capability and the ability to perform emergency disconnection from the well if required.

The vessel is expected to enter service for Venture and Fairfield during the fourth quarter of 2009. The first Venture project under the new agreement is expected to be the Phase 2 development of the Chiswick gas field in the Southern North Sea whilst Fairfield plans to use the vessel for its Crawford and Clipper South developments in 2010.

Venture Chief Executive Mike Wagstaff commented:

"After our success with Schlumberger and Siem during 2007 developing a temporary solution to stimulate the Chiswick development and Ensign appraisal wells, I am delighted that we have been able to create a long term partnership to enable us to develop our significant portfolio of 'tight' gas. This is consistent with our history of utilising innovative technology and commercial arrangements to unlock 'stranded' reserves."

Fairfield Chief Executive Mark McAllister said:

"Fracturing and stimulation technology will play an expanding role in the future of the UK North Sea. By working together to secure access to this technology Fairfield and Venture have demonstrated that independents can create material opportunities through co-operation which will ultimately improve recovery of reserves and business performance."



See also

[steelwatch] 04/12/2008 16:54

Crawford set for subsea tieback (Stratic 19%)Published 04.12.2008 08:17:38 by John BradburyDevelopment of the UK Crawford field by Fairfield Energy – one of the project's due to benefit from a new relationship with Schlumberger using a well stimulation vessel – will involve a subsea tieback to tap reserves estimated at nearly 30 m boe.

Fairfield - backed by private investment group Warfield Pincus which has US $6 Bn available for investment - drilled its first operated exploration and appraisal well in December 2007 on Crawford and has indicated that the field contains remaining reserves of 27 m boe and it is targeting first oil in the fourth quarter next year.

Forward plans are to develop the field with a subsea manifold and four wells, with a possible two further wells in the future, tied back with a 4-inch gas lift line and a 10-inch oil production line 26.65 km (16.6 miles) to a host platform, which has not yet been formally identified by Fairfield on a field development schematic.

Crawford lies in block 9/28 and to the south, in block 16/3 are the Brae field area installations, and Fairfield's field schematic indicates the Crawford subsea architecture lying to the north of a host platform.

According to a presentation seen by offshore247.com which was made available by Fairfield in Aberdeen, its Crawford project requirements include a mobile offshore drilling unit required for a campaign which is to be secured by the year-end. Fairfield is currently out to tender for that rig.

Genesis is already performing front-end engineering and design work for the development, while Fairfield is also out to tender at present for design, engineering and construction of the subsea infrastructure and hardware for Crawford.

Another ITT is due out in the first quarter next year for an EPIC contract for pipelines and umbilical installation, with the contract award due in the third quarter next year.

Also the umbilicals supply contract, again with an ITT due out in the first quarter next year, is due for award in the second quarter 2009, and host platform modifications will be carried out by the host platform operator.

[steelwatch] 02/12/2008 17:10

Oil inflows were also strong last week. Combined flows into ETFS Crude Oil (CRUD), ETFS Brent (OILB), ETFS WTI (OILW) and ETFS Leveraged Crude Oil (LOIL) rose by $33mn last week, the 5th consecutive weekly increase. Inflows into long oil ETCs have now risen by nearly $100mn over the past month, reversing the strong outflows during August and September. ETFS Short Crude Oil recorded its seventh consecutive week of outflows during the week, confirming the more positive turn in investor sentiment towards oil.

[rathkum] 02/12/2008 16:23

Can you expand on "Should see us through to Kraken".

Thanks

[mad jack mcmad] 02/12/2008 16:09

Canadians underwhelmed, it seems

[steelwatch] 02/12/2008 11:40

Should see us through to Kraken ;->

[skyship] 02/12/2008 11:30

Exactly - a lot happening, which could well result in a bit of buying both sides of the Water...

[steelwatch] 02/12/2008 10:55

Welcome aboard SKY - could be in for an interesting ride here. West Don to come onstream Q1. West Breagh Appraisal drill underway, Cairngorm spudded today and a lively forward programme to look forward to.

[steelwatch] 02/12/2008 10:51

Next up - Syria:





DualEx holds a 31.67% working interest in the 1.248 million acre Block XVII, with partners Stratic Energy and KUFPEC (Kuwait Foreign Petroleum Exploration Company) holding 35% and 33.33% respectively.

- A drilling rig has recently been contracted for the Al Tayr 101 well
in Syria, which is scheduled to spud in January 2009.

[skyship] 02/12/2008 10:44

Bought in here for the first time yesterday. Looking to break the 15day MA & hopefully that red line downtrend. With the MACD crossing - it could well happen....

[steelwatch] 02/12/2008 10:06

Cairngorm OperationsCALGARY and LONDON, December 2nd, 2008 - Stratic Energy Corporation (TSX Venture: 'SE', AIM 'SE.') ('Stratic' or the 'Company') as licence operator announces that drilling operations have commenced at the Cairngorm discovery area (Stratic 50%) in UKCS blocks 16/2b and 16/3d on the 29th November 2008. Stratic's co-venturer in this well is Nippon Oil Exploration and Production UK Limited (50%).

The Cairngorm well, 16/2b-5, is Stratic's first operated well in the UKCS. Drilling operations are underway with the Byford Dolphin semi-submersible drilling unit and are expected to continue for 50-60 days. The primary target of the 16/2b-5 well is to appraise multiple fracture zones in the granite reservoir which are thought to have been damaged in the 16/3a-11z discovery well which flowed at rates in excess of 2000 bopd. The 16/2b-5 well has additional secondary exploration objectives in the overlying Palaeocene and Eocene sections.

Mark Bilsland, Stratic's Chief Operating Officer commented 'the start of operations at the Cairngorm well marks a significant key milestone for Stratic. This well is our first operated well in the UKCS and we anticipate testing the potentially high productivity of this fractured granite reservoir in early 2009.'

[rathkum] 01/12/2008 19:03

UK proposes tax breaks for North Sea marginal fields

Uchenna Izundu
International Editor

LONDON, Dec. 1 -- The UK is proposing a tax break from next year for marginal fields in the North Sea to stimulate investment as falling oil prices and a shortage of finance jeopardize development.

UK Chancellor Alistair Darling launched a consultation document on the fiscal regime for the North Sea as he unveiled his prebudget report for the nation that critics have warned would bring the country's borrowing to £118 billion.

The Treasury has suggested creating a "value-based allowance," which would offer a tax rate cut for those fields "most in need of assistance." It has not yet decided how the allowance will be targeted. Currently the tax rate is 50%.

Boosting domestic production is a key issue for the government, which wants to enhance the nation's future energy supply security. The Treasury said it estimated there was 17-20 billion bbl of oil left to recover from the North Sea.

It will not offer a general tax cut for North Sea operators or a universal tax relief on their investment, describing this as a "blunt instrument" that would not encourage development of the oil and gas fields that most need it.

Trade association Oil & Gas UK (OGUK) welcomed the announcement because high oil prices had not stimulated investment in several North Sea fields, which has exacerbated the UK's production decline rate. It urgently called for incentives to reverse the decline.

OGUK Chief Executive Malcolm Webb said the tax break "if of the right size and structure, could make a material difference to the future of the North Sea."

Julian Small, the UK and global oil and gas tax leader at consultancy Deloitte, said the changes "were more far-reaching than anticipated, with the proposed value allowance and chargeable gains change potentially very welcome to maximize the value of the North Sea, in a period of declining oil prices."

The government said it wanted to simplify the Petroleum Revenue Tax (PRT) that applies to fields developed before 1993. Operators have complained about its complexity and application in different scenarios. The government has acknowledged that it could be abolished but has not formulated a strategy to do so.

Other problems with the application of the PRT relate to its inconsistencies with decommissioning liabilities. "Decommissioning rules for both PRT and corporation tax will be amended, if necessary, to ensure that full relief is given for PRT and ring fence corporation tax even after a change of use [in North Sea infrastructure]," the Treasury added.

The Treasury also suggested reducing or eliminating tax on changes of North Sea infrastructure use and recommended introducing tax exemptions on oil license swaps. In addition it will look at the fiscal regime for coalbed methane extraction.

In previous budgets, the government imposed surprise tax increases on the industry, which operators said made it challenging to do business on the UK continental shelf. In 2005, the supplementary tax charge on North Sea revenues was doubled to 20%.

Ernst & Young tax partner Derek Leith said the recent slump in oil price may have dampened the government's appetite or, more positively, it may be that Treasury recognizes the importance of the oil and gas industry to the UK economy "in terms of preserving security of supply, maintaining jobs, and generally ensuring that the country's mineral assets can be exploited to the maximum benefit."
Stakeholders are to submit comments on the measures by Feb. 13, 2009, and the new regime will be announced in the government's 2009 budget.

Contact Uchenna Izundu at [e-mail].

(Oil & Gas Journal)