Stratic Energy Share Discussion Threads

[steelwatch] 21/1/2009 10:10

orvis - the operator said by 3rd week.

".....we look forward to the test results
which should be available by the third week of January," added Mr. Rapach.

[orvis] 21/1/2009 09:54

Encore said on Jan 6th testing would take 2 to 3 weeks. So whilst we could hear at any time from now on I would only start to expect an announcement once we are at the end of the month.

[steelwatch] 21/1/2009 08:38

West Breagh appraisal testing should be very close to complete ("by 3rd week Jan").

[steelwatch] 12/1/2009 17:36

Fairfield Energy SS 1 year on Crawford Mar-10

[steelwatch] 09/1/2009 15:33

westie - a bridge too far at the moment, but traded IVE and stuck the proceeds into LGO.

[westmoreland lad] 09/1/2009 15:26

No worries here Steel -- bought de stock for long term hold. You keeping an
eye on FPM ?

Cheers Soul

[steelwatch] 09/1/2009 15:21

westie - knocked back by the aborted drill, but other irons in the fire.

[soulsauce] 09/1/2009 15:17

Advfn showing spread 7.5/10p so yes I would asy it is right.

[westmoreland lad] 09/1/2009 15:02

Soul -- last sell on Monkey am @ 7.76p. Can't be right surely ?

[soulsauce] 09/1/2009 14:54

No wonder few are buying here. That is one cruel spread!!

[steelwatch] 09/1/2009 09:14

Oiljack on the IV board has determined that Nippon has secured the Ocean Guardian for a Q2 spud on Bowmore

[steelwatch] 09/1/2009 08:38

$25 million was the total JV budget, so Stratic retain $3m (50% of $6m) of that. There would have been no return on outlay for at least 2 years imo, so the immediate cash situation is not impacted.

[steelwatch] 09/1/2009 08:31

Cairngorm programme collapses
Published 09.01.2009 09:58:45 by John Bradbury

Drilling on a Central North Sea exploration well on the Cairngorm prospect has been abandoned after a stack of well problems which has led operator Stratic Energy to abandon the well to save further costs.

Stratic has already ploughed US $19 m in to the 16/2b-A well in the UK Central North Sea and although it says oil was encountered in two of the exploration objects, Skroo and Flugga, after drilling to a total depth of 1,942 m (6,370 ft ) the risks of continuing with the hole outweighed the potential benefits with the current oil price.

Plans to deviate an appraisal section of the well into the granite Cairngorm discovery were not pursued, and the well is now being abandoned.

Mark Bilsland, Static's chief operating officer said: "We are naturally disappointed not to have completed the drilling of well 16/2b-5A but, given the current economic climate, we believed we had reached the point where the risks of continuing outweighed the likely benefits. In these circumstances the prudent course of action was to cease operations and limit our exposure to further costs."

Bilsland's company said well problems included attempts to retrieve drill pipe which was lost in the hole, which mean the Cairngorm well had to re-spudded on 8 December. Then the top drive on the rig drilling the well failed last week. Plus there had been considerable down time due to adverse North Sea weather.

Nevertheless, Stratic said drilling obligations under the block licence have been fulfilled.

Partnered by Nippon Oil, Stratic began drilled the 16/2b-5a well with the Byford Dolphin semi-submersible on 2 December last year and drilling was forecast to take between 50 and 60 days to complete.

[ammons] 09/1/2009 07:26

The market is not going to like today's RNS.



How much cash do Stratic have left I wonder? And how much is Breagh worth to them? I hope we're not going to see another Oilexco here.

[steelwatch] 07/1/2009 13:08

Sterling Successfully Drills West Breagh Pilot Well
Sterling Resources Ltd. Tuesday, January 06, 2009

Sterling has announced the successful drilling of the 42/13-5 and 5-z wells on Block 42/13 in the United Kingdom North Sea. Sterling holds a 45% working interest and is the operator of the Block.

The 42/13-5 "pilot" well was directionally drilled from the same seabed location as the 42/13-3 well drilled during 2007 and encountered the top of the Breagh reservoir approximately 17 feet higher than anticipated. At this point the well bore was angled at 70 degrees and entered the reservoir some 1,700 feet south east of the 42/13-3 well. The 42/13-5 pilot encountered 165 feet of sand (approximately 55 feet vertical thickness) confirming consistency with previous wells and reached a final depth of 8,900 feet having penetrated a regional limestone seismic marker.

The pilot hole was then cemented back above the reservoir and the drilling of a 2,500 foot horizontal well (denoted 42/13-5z) commenced. The horizontal well reached a final total depth of 10,746 feet on the 2nd of
January 2009 after drilling a total of approximately 1,200 feet of sand and intersecting various sand intervals. Drilling operations were completed using geosteering technology provided by Reservoir Navigation Services.

"The 42/13-5Z horizontal well is another operating first for Sterling," commented John Rapach, Sterling's Vice President of Operations. "We would like to congratulate our contractors and staff on the success of the well to date.

The seven inch liner has now been run and cemented and we are progressing to testing the total sand interval. The significant presence of sand encountered is another plus for the Breagh field and we look forward to the test results which should be available by the third week of January," added Rapach.

[steelwatch] 06/1/2009 15:34

Mj - if you can, use T20 to delay settlement until early Feb or even T10 should allow time for IEC funds to arrive. Allow a few days longer than 13th for Barclays to pass the money on. Up to 5 days more has been mentioned.

[madjock2] 06/1/2009 15:30

Steel

Thanks for the tip. Hope it holds until at least next week. 13th i think?

Have earmarked some converted roubles for here.

[steelwatch] 06/1/2009 14:19

westie - good on ya! Us oil barons got to stick together.

[westmoreland lad] 06/1/2009 14:15

Steel -- joined the club today after the news this morning. Also
holding FPM

[steelwatch] 06/1/2009 12:51

$50 gone thru. Futures lit up:



@ 4,000 bopd, every dollar movement in the oil price amounts to $1,460,000

[steelwatch] 06/1/2009 08:05

03/12/2008 VENTURE PRODUCTION AND FAIRFIELD ENERGY AWARD SCHLUMBERGER A MULTIYEARFRACTURING AND STIMULATION CONTRACT
VENTURE PRODUCTION plc and FAIRFIELD ENERGY Ltd

Venture Production and Fairfield Energy Award Schlumberger a Multiyear Fracturing and Stimulation Contract


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 800,000 lbs of proppant, 315,000 gallons of fresh water, 5,000 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."

[steelwatch] 06/1/2009 07:51

Successful Drilling of the West Breagh Horizontal Well (42/13-5z) in the UK North SeaCALGARY and LONDON, January 6, 2009 - Stratic Energy Corporation (TSX Venture: 'SE', AIM: 'SE') ('Stratic' or the 'Company') is pleased to announce the successful drilling of the 42/13-5 and 5z wells on block 42/13 in the United Kingdom North Sea.

The 42/13-5 well was drilled from the same top hole location as the 42/13-3 well drilled during 2007 and targeted the sand sequence seen in the 42/13-3 well. The 42/13-5 pilot hole well encountered 165 feet of sand (approximately 55 feet vertical thickness) consistent with expectations and reached a total depth of 8892 feet. The 42/13-5 pilot hole was cemented back above the reservoir and the 42/13-5z horizontal well was then drilled for a distance of approximately 2500 feet measured depth. The final total depth of the horizontal well of 10746 feet was reached on the 2nd January 2009. The 42/13-5z well encountered a total section of approximately 1200 feet of sand at various intervals. The joint venture partners have agreed to commence a testing programme over the reservoir intervals encountered in the horizontal well.

Stratic has a ten per cent interest in the licence covering block 42/13.

Mark Bilsland, Stratic's Chief Operating Officer, commented 'The amount of sand encountered in the first horizontal West Breagh well is encouraging news for the potential Breagh field development and we look forward to the results of the well test programme, due later in January.'

[robizm] 05/1/2009 12:50

If we have 2 positive well results this should fly (news leaks will start in the next few weeks) and also roll on March for first oil.