Stratic Energy Share Discussion Threads

[westmoreland lad] 12/2/2009 22:08

Thx Steel for above -- you have mail

[jimarilo] 12/2/2009 21:57

Good posts Steel !

[steelwatch] 12/2/2009 07:43

From drill partner Encore's Interim Report today:

We built on the initial drilling success of November 2007 at Breagh (block 42/13a; EnCore 15 per cent.) by drilling two successful appraisal / development wells during the period. Well 42/13-4 successfully tested gas at a rate of 10.2 million standard cubic feet per day (mmscfd). Well 42/13-5z was drilling over the period end, and has since tested gas at a rate of 26 mmscfd. All three wells demonstrated that developable flow rates can be achieved without the need for reservoir stimulation and indicate that the Breagh field has the potential to become one of the most significant gas developments in the Southern North Sea in recent years. The next stage is to work with our partners towards gaining Field Development Plan approval from the Government as early as possible during 2009. Prior to the recent drilling campaign, our Operator, Sterling Resources, published potential resource sizes for Breagh (East and West) that suggested the field had the potential to contain gas in place of over 1 trillion cubic feet. These numbers are now in the process of being updated following our recent successful drilling campaign by the Operator's external reserve evaluators. Our own internal evaluation gives us the confidence that this potential will be confirmed. The success at Breagh has, not surprisingly, attracted significant industry interest given its potential size. We are, of course, always alert to the opportunities to maximise the near term value of this asset for our shareholders.

[steelwatch] 11/2/2009 15:46

North Sea

As we entered 2009 it is likely that both shipowners and charterers will have been looking closely for any signs to indicate what the year ahead is going to bring. The start of the year has so far brought mainly grim news in the offshore sector, not helped by the oil price having fallen dramatically from its 2008 high of $147 per barrel, to around the $40 region where it remains currently.

Though still at a level where operators can make a profit, it is clear that many are now looking to make cost reductions in response, not just to the falling oil price, but also the ongoing global financial downturn. Numerous operators as a result have recently announced cutbacks in several areas including exploration budgets and reductions in staffing numbers and contractor pay rates.

As a result we are seeing a continuing stream of rig requirements being withdrawn or postponed, and an increasing number of rig sublet slots being offered. For the first time in the last couple of years we are also beginning to see idle rigs return to Invergordon with the Ocean Guardian & Sedco 712 now warm stacked and seeking work after being released from their charter with Oilexco North Sea Ltd who went into administration on the 7th Jan 2009.

The GSF Arctic II is also stacked in the Cromarty Firth pending sale by Transocean after Northern offshore's attempt to purchase fell through due to funding problems with no other buyers currently in the pipeline.

Transocean are also trying to sell the Arctic VI which is currently working on sublet from Shell to Nexen with the next availability during late 2010.

The jackup market has gone equally quiet with the Energy Enhancer now warm stacked in Grimsby awaiting commencement of a Centrica charter during mid April for circa 35 days. The rig however continues to be marketed with no further commitments thereafter.

There would however appear to be somewhat of a standoff between rig owners and operators at the moment with operators undoubtedly awaiting a fall in rig rates before committing to contracts. StatoilHydro indeed made this clear after recently withdrawing their long term multiple rig requirement as rig owners failed to revise their offered rates to levels StatoilHydro deemed reflective of the current slowdown.

It would indeed seem that rig rates are falling as it is rumoured that a semi could now be picked up for around $250,000 per day which is a sizeable drop from the $400,000 levels being seen only a few months ago.

What will this all mean for vessel owners? With less rigs on charter it is clear that charterers will require fewer vessels to support or indeed move them. At the moment the majority of operators already have rig commitments in place however we would expect to see a gradual increase in the number of rigs coming available as the year progresses resulting in falling vessel demand.

There can be no doubt however that as the rig rates fall they will once again reach a level where they become 'economically acceptable' to operators which will once again stimulate drilling and exploration activity. How long this will take however is uncertain and with a continuing stream of newbuild vessels bound for the North Sea, further increasing supply, it is very unlikely that we will see a repeat of the extreme vessel rates attained towards the end of 2008.

We have talked previously of dark clouds on the horizon with regards to the future of the vessel markets and though the market is still producing reasonably healthy rates, it is safe to say that the raindrops are beginning to be felt by many. Though we don't expect to see a sudden drop off in day rates during 2009, we do expect to see increasingly lower averages rates, lower vessel utilisation and far less volatility in rates when compared with 2008.



Nippon Oil -SS - Ocean Guardian Sublet - 2 months from April 09 Apr-09

Fairfield Energy - SS - 1 year on Crawford Mar-10

[steelwatch] 09/2/2009 15:47

TransAtlantic Petroleum Corp. will be presenting at the Enercom Oil Services Conference in San Francisco on Feb 19 at 6:10 PM Eastern Time and may have something to say about the Guercif licence re-entry in October (20% Stratic).







TransAtlantic has since absorbed the Sphere 20%

[steelwatch] 08/2/2009 10:29

Seems to tidy up one or two points?

[steelwatch] 07/2/2009 10:23

Cheers Jim. 42/19 is 100% Sterling Resources afaik, but, of course, there is always a chance they will want to farm some out.

[jimarilo] 07/2/2009 09:03

Hi Steel, On the ship spotting sites it looks like the Ensco70 is on the move with the Taurus and Magnus heading to 42/19 maybe ?

"Following drilling of the East Breagh well, a high angle/horizontal well is planned for West Breagh (42/13-5) to further evaluate this part of the field. Once these two appraisal wells are completed, the rig will move to Block 42/19 and drill the Airidh prospect which is an undrilled shallower structure targeting the Triassic Bunter formation."

[steelwatch] 06/2/2009 07:52

5th February 2009 Issue 03 / 2009
4 of 18

Don Fields 211/18a – Drilling and Construction (Update 27-01-2009)
The drilling rig John Shaw is now on location in the Don Southwest field until mid 2009 to drill and complete four development wells. The Stena Spey will move into the West Don field in February 2009 to drill and complete two wells part drilled by the John Shaw in 2008.

The floating production unit Northern Producer is now on location. (61o29.22'N 01o27.75'E). The single anchor loading base (SALB) structure and its associated loading hose is now installed on location (61o26.57'N 01o29.07'E).

A floating mooring hawser will be installed in the coming weeks. The hawser will be marked with buoys flashing yellow 5 seconds. Installation of pipeline tie-in spools at the West Don wells and Northern Producer has commenced and will be on going until March.

An Offshore Development Area has been granted and 500m Safety Exclusion Zones around the subsea wells and structures have been established. Guard boats will be in the area during the construction work. All fishing and other vessels are requested to keep clear of the work areas and to obey instructions broadcast by the guard boats and construction vessels.

[sg31] 29/1/2009 16:24

By Courtesy of Spuds on IV


From the DXE Board.
DualEx updates Syria operations

>
CALGARY, Jan. 29 /CNW/ - DualEx Energy International Inc. (DXE, TSX-V),
announces that the drilling company contracted to drill the Al Tayr - 101 well
on Block 17 in Syria has advised that it cannot meet the timing set out in the
drilling contract. As a result, the contract has been terminated and the
Operator is seeking alternate drilling rig arrangements. DualEx has a 31.67%
interest in the 1.25 million acre Block 17.
DualEx Energy International Inc. is an oil and gas exploration company
with operations in the greater Mediterranean area. DualEx's common shares
trade on the TSX Venture Exchange under the symbol "DXE".
>
%SEDAR: 00023802E

[steelwatch] 27/1/2009 17:16

westie - which one? If the second, you may not have Excel, but can download a free office suite which will do de trick:



Also opens PowerPoint files.

[westmoreland lad] 27/1/2009 16:57

steel -- couldn't open the link for some reason. Anyway Bowmore spud not far off

[steelwatch] 26/1/2009 12:38

In the Quad 15 blocks (Stratic 30%) the operator, Nippon, is progressing with plans to drill two wells in 2009. The first well will be the Bowmore Jurassic appraisal well which will test the joint venture's geological model of a deeper condensate / water contact and a thickening sand section down-dip. If proven, this could significantly increase the existing level of discovered resource. The second well will be a Paleocene exploration well. Preliminary well locations have been agreed and the site surveys conducted for both wells, although no rig has yet been contracted for the drilling.



===============================================================================
..and it seems a rig has been earmarked:


steelwatch - 9 Jan'09 - 09:14 - 259 of 279 edit

Oiljack on the IV board has determined that Nippon has secured the Ocean Guardian for a Q2 spud on Bowmore - see line 56

[steelwatch] 26/1/2009 07:33

26/12/09

NORTHERN PETROLEUM PLC

Drilling Update

Savio-1X Well Targets 332 bcf of Gas

Northern Petroleum Plc. announces that its wholly owned subsidiary, Northern
Petroleum (UK) Limited ("Northern") has succeeded in putting all pre-drilling
approvals in place, signed a drilling rig contract and commenced site
construction works. This is the start of a more active period of operational
activities in Italy.

The Savio-1X well will be Northern's first well drilled in Italy under company
management. It is located in the Regione of Emilia-Romagna in the main onshore
area of the Po Basin biogenic gas play. The prognosis is that the well will
reach the primary target at 3200 metres sub-surface with estimated mean gas in
place of 222 bcf. On the drill path to the primary target it is anticipated to
pass through a secondary in sub-optimum position which has been estimated to
have the mean potential of entrapment of 110 bcf of gas. This is a combined
mean un-risked Prospective resource of 332 bcf. as previously announced.

Northern's mapping has had the benefit of access to a seismic survey tie into
the Stratic Energy/Eni recently discovered gas field at Longanesi.

As announced on 24th October 2008, for the onshore Savio licence Northern has
reduced its business risks and call upon cash balances through a farmout
agreement with Avobone Italy S.r.l, a member of the Indofin Group. Avobone will
be paying 40% of the well costs. Following completion of that agreement the
licence interests will be:

Northern 80%

Avobone S.r.l. 20%

(ATI Oil Plc has a commercial interest equal to half that of Northern).


Derek Musgrove, Managing Director, Northern Petroleum Plc. stated:

"We are increasing our activity level in Italy. This is a milestone in
progressing our very large Italian project. The odds of success have been
assessed as reasonable, but nevertheless it is an exploration well. The
structure is of higher than average potential for the region.

Any discovery will benefit from the availability of an extensive infrastructure of gas pipelines and gas fired power stations throughout the region which has one of Europe's highest GDPs".

[steelwatch] 25/1/2009 08:52

Negative studies frustrate corn ethanol proponents
Friday, February 6, 2009, 11:41 AM

by Ken Anderson

In the aftermath of yet another study critical of corn-based ethanol, ethanol backers are expressing frustration with what they consider faulty research.

Dr. Martha Schlicher is the former head of the National Corn to Ethanol Research Center and now vice president of Illinois River Energy. She says the recent University of Minnesota study, like others in the past, fails to recognize dramatic technology improvements occurring in corn ethanol production.

"Science grows and develops and gets perfected with time," Schlicher says. "We have a willingness to accept that in the medical field-I think brain surgery and heart surgery have probably improved dramatically. Antibiotics have improved dramatically."

In the Minnesota study, for example, Sclicher says researchers failed to mention that natural gas and electricity could eventually be eliminated from the ethanol production process, which would greatly alter its emission profile.

"Instead of learning of what we can, to continue to improve it and make it better-and a clear recognition that those technologies exist-we simply want to throw it out and start over," says Schlicher.

While negative to corn ethanol, the Minnesota study was very positive to cellulosic ethanol. However, Schlicher thinks it "over-promises" on the potential of cellulosics.

"If we think for a minute that cellulosic-based ethanol, or an advanced biofuel, is going to be perfect when it gets to market, we've got another think coming," Schlicher says, "and then we're right back to the same old starting point and we'll never have an alternative to gasoline."

Schlicher says cellulosic ethanol is an important part of our renewable future. But while it is being developed, she says America should optimize the base of production that it has today in corn ethanol.

[steelwatch] 22/1/2009 09:00

3 FDP's this year - Longanasi, Crawford and Breagh. West Don 1st Production is now 2/3 months away. Al Tayr 101 due to spud. Maybe something from Morocco re-entry. Looks likely Nippon are drilling Bowmore mid year. New Licences.

Have I missed anything?

[failedqs] 22/1/2009 08:45

Good news. Even though I expected this to be successful, it is always good to see it in writing !!

[steelwatch] 22/1/2009 08:39

Sterling Resources announces successful testing of Breagh Well

CALGARY, Jan. 22 /CNW/ - Sterling Resources Ltd. ("Sterling") (TSX-V:SLG)
is pleased to announce the successful testing of the Breagh well located on
Block 42/13 in the United Kingdom Southern North Sea. Sterling holds a 45%
interest and is the operator of the block.

The 42/13-5z horizontal well tested dry gas at a maximum flow rate of 26
million standard cubic per day (MMscf/d) on an 80/64 inch choke setting at a
flowing wellhead pressure of approximately 890 pounds per square inch (psig).
Further inflow testing was performed using various choke sizes over a 60 hour
period.

These results are currently being integrated with data from the drilling
of the 42/13-4, 5 and 5z wells, in order to optimize well requirements for
development. The results are expected to show an increase in gross rock volume
in excess of 20% compared to previous estimates.

John Rapach, Sterling's Vice President of Operations stated, "Sterling
has achieved all objectives set for the appraisal of the Breagh field during
the 2008 drilling campaign; additional gas was discovered with the 42/13-4
well on the eastern side of the structure, and now we have drilled and tested
the 42/13-5z well which brings the Breagh field one step closer to development. We now have three wells ready for production with the 42/13-3 and 42/13-5z wells side-by-side at the correct spacing and ready for tie-back to a production platform. Our next step is to file a Field Development Plan for approval by the UK Government."

[steelwatch] 22/1/2009 08:24

Stratic Energy* (SE., NR, 8.38p) – Successful Breagh Appraisal Well

Stratic announced this morning that the Breagh appraisal well in the North Sea flowed at a rate of 26mmscfd from a number of intervals along a 1200ft horizontal sand section.

Whilst the flow was marginally below pre-drill expectations, the tested interval was also shorter than anticipated and the net flow rate per ft was in-line and yielded a commercial flow rate.

The flow test supports the use of horizontal wells on Breagh and allows the partnership to proceed towards FDP submission for approval later this year. The development is currently expected on-stream at 225mmscf, but this may increase following the success of the horizontal well.

In addition Sterling Resources, the operator, is incorporating the data from the three recent appraisal wells, which Stratic expects to result in a 20% upgrade to volumes potentially bringing the gross resource number to 1tcf.

Stratic holds a 10% interest in Breagh, along with Sterling Resources (45%, operator), RegEnergy (15%), Encore Oil (15%), Faroe Petroleum (10%) and PetroVentures (5%).

[steelwatch] 22/1/2009 07:46

The well tested dry gas at a maximum rate of 26 million standard cubic feet per day through an 80/64 inch choke at a flowing wellhead pressure of circa 890psi. The well was then shut in for an initial pressure build up survey after which the well was flowed for a further 59 hours at various rates to evaluate reservoir performance fully.

[steelwatch] 22/1/2009 07:03

Successful testing of Breagh appraisal well 42/13-5zCALGARY and LONDON, January 22, 2009 - Stratic Energy Corporation (TSX Venture: 'SE', AIM 'SE.') ('Stratic' or the 'Company') announces the successful testing of the Breagh horizontal well 42/13-5z on Block 42/13 in the Southern North Sea.


The well tested dry gas at a maximum rate of 26 million standard cubic feet per day (mmscfd) from a number of perforations at various intervals along a horizontal sand section of 1,200 feet and confirms the economic benefits of utilising conventional horizontal wells in the development of the field. The well will be suspended as a future production well.


The well test results will now be incorporated into the partnership's reservoir model to optimise the well requirements for the development. The operator's geological mapping work, which will be updated for the results of the 42/13 - 5 and 5z wells, is expected to show an increase in gross rock volume in excess of 20% to its previous estimate.


Mark Bilsland, Chief Operating Officer commented 'This well successfully completes the appraisal programme on the Breagh field commenced in August 2008. The first well in the programme confirmed the extension of the original discovery to the east, and this well has demonstrated the value of horizontal completions in providing a commercial solution for the development of the field. The partnership will now proceed towards completing the development plan for the field for submission and approval later this year.'

[orvis] 21/1/2009 12:21

Yes thats right Steelwatch - I just mean these things are often subject to weather and equipment delays - note the operator says 'should be' not will be.
All the best
O