Stratic Energy Share Discussion Threads

[deep powder] 19/2/2008 14:02

Bought back in today with good news on Breagh...

[steelwatch] 14/2/2008 08:32

Stratic secures North Sea cash

Wednesday, February 13, 2008


North Sea-focused Stratic Energy has completed US $150 m of loans to fund its share of the development costs for the Don West oil field in the UK sector plus other projects in The Netherlands and Italy.

The Royal Bank of Scotland and Société Générale Corporate and Investment Banking have acted as lead arrangers for the finance which comprise a $110 m borrowing facility plus $5 m of working capital and another $35 m undeveloped asset backed facility.

After submission of a field development plan for the West Don oil field to the UK government late last year, Stratic indicated today that approval for the project is still expected in the first half of 2008. Estimated development costs for the field are put at £170 m gross, with Stratic's share equating to 17.25% (£29.3 m – US $58 m) of the total.

Some of the funds will also go on pre-development work for the P8a Horizon West oil field in the Dutch North Sea, plus the Longanesi development in Italy. Both are also expected to receive development approval this year. Wednesday, February 13, 2008

[greatfull dead] 13/2/2008 18:49

SW, got it and replied.

[astons] 13/2/2008 15:13

Wed, 13 Feb, 14:20 GMT

Oil explorers expect consolidation

Stratic, Cap and Nighthawk are a few of the score which are anticipating mergers in the sector
This morning, Stratic Energy, listed on AIM and the Toronto Stock Exchange, said it had secured US$150m of bank facilities to refinance its balance sheet and press on with its plans to buy assets in the sector.
Stratic joined AIM a year ago, via the reverse takeover of Grove Energy, and its experienced team set out a plan to acquire oil and gas prospects around the globe.
Royal Bank of Scotland and SocGen are joint mandated lead arrangers of this facility. Part of the money will help fund development of Stratic's existing portfolio but the remainder will be earmarked to buy fresh assets.
Kevin Watts, chief executive of Stratic, said: "We have no specific targets but we need to bulk up and are keen to identify targets".
Alan Booth, chief executive of rival Encore Oil said: "There is a lot of talk about consolidation in the sector but not much action so far. However, over the next few years I expect there to be more activity."
Separately tiddler Cap Energy has raised £228,300 via a placing at 12p a share. The company said that the "immediate need for the company is to secure good quality oil and gas production assets which do not require remediation to become profitable. The company is therefore looking to acquire new assets once they are identified".
The money will fund this hunt. But further facilities will be necessary to effect a purchase of a meaningful asset.

Source:
Thomson Merger News

[soulsauce] 13/2/2008 08:11

Yes I did m8, so cash, cash flow and big loan facility - looking good!!

[steelwatch] 13/2/2008 08:06

soul - did you notice, the Black Sea pipeline is back in service?

[soulsauce] 13/2/2008 08:01

Nice news Steel ;-))

[steelwatch] 13/2/2008 07:55

Stratic Secures US$150 million Bank Loan Facilities

CALGARY and LONDON, February 13, 2008- Stratic Energy Corporation (TSX Venture:
'SE', AIM 'SE.') ("Stratic" or the "Company") announces that it has secured new
bank loan facilities totaling US$150 million, principally to finance its field
development programs.

The new facilities to be provided to certain subsidiaries of Stratic comprise a
$110 million senior, secured Borrowing Base facility and a $5 million working
capital facility, underwritten by The Royal Bank of Scotland plc ("RBS") and
Societe Generale Corporate & Investment Banking, as Joint Mandated Lead
Arrangers, and an Undeveloped Asset-Backed ("UDAB") Facility of $35 million led
by RBS, of which $22.5 million is initially underwritten. The Borrowing Base
and UDAB facilities have terms of five and three years, respectively.
RBS is the Structuring Bank for the facilities, the closing of which is subject to normal loan market terms.


The Borrowing Base facility will be used principally to finance Stratic's share
of capital expenditure on its portfolio of development assets, including the
West Don oil field in the UK sector of the North Sea, the P8a Horizon West oil
field in the Dutch Sector of the North Sea and the Longanesi gas field in Italy.

The UDAB Facility is for funding expenditure on specified pre-development
assets. Additional assets can be added to both facilities over time, as projects are advanced.
The facilities will also be used to retire existing bank debt.


A field development program ("FDP") for the West Don oil field in the UK North
Sea was submitted for approval to the UK Government's Department for Business,
Enterprise and Regulatory Reform late in 2007. FDP approval is expected to be
received in the first half of 2008. Total capital costs of the West Don project
are expected to be about GBP 170 million (gross) (Stratic share 17.25%). The
field development plans for the Horizon West oil field in block P8a of the Dutch
sector of the North Sea and the Longanesi gas field in Italy are progressing
satisfactorily and are expected to be approved by the partners during the spring
of this year.


Peter Thomas, Stratic's Chief Financial Officer, commented: "These debt
facilities will permit efficient financing of the development expenditure on our
key projects. We are delighted to have secured an underwritten financing package on excellent terms during a turbulent period in credit markets. The facilities
will provide the flexibility we need for funding our asset portfolio as it
evolves, including development and pre-development assets."

[steelwatch] 11/2/2008 18:24

soul - the gas is back on :)

[steelwatch] 07/2/2008 19:38

Just a tip, add to your Monitor in addition to LSE:SE. -

TSX:SE

[steelwatch] 26/1/2008 17:31

soul - nothing to add on that yet:

"A further update will be given once a full assessment of the incident has been completed.

The South Akcakoca co-venturers are: TPAO (State Oil Company and operator, 51%), Toreador Resources Corporation (36.75%) and Stratic Energy Corporation (12.25%)".

[soulsauce] 26/1/2008 12:44

Steel do we know when the Black Sea\Turkish gas might be back on stream?

I am warming to this one for my long term ISA.

[steelwatch] 26/1/2008 10:29

- now in the header. If PowerPoint not available, try downloading Open Office (free).

[steelwatch] 23/1/2008 10:58

Mr. Curry (57), a petroleum engineer, brings a wealth of upstream oil and gas experience to the Company after a career of more than 30 years in the industry. He trained initially with Schlumberger before spells with Amoco and Britoil plc, and became of one of the founding directors of Cairn Energy PLC in 1988. In 1998 he became a director and Chief Executive of Melrose Resources plc, a position he held until his retirement in 2006. David also has a law degree and has extensive commercial and international experience.

Commenting on David's appointment, Sir Graham Hearne, Chairman, said "I am delighted that David has agreed to join the Board. He has a broad range of experience gained at Board level in entrepreneurial companies, much of which is directly relevant to Stratic as it enters a period of substantial development activity".

[steelwatch] 10/1/2008 08:06

10 January 2008


STRATIC ENERGY CORPORATION

NEWS RELEASE

Field Development Programme Submitted for West Don Oil Field

CALGARY and LONDON, January 10, 2008- Stratic Energy Corporation (TSX Venture:
'SE', AIM 'SE.') ('Stratic' or the 'Company') announces that a field development programme ('FDP') for the West Don oil field in the UK North Sea has been submitted for approval to the UK Government's Department for Business, Enterprise and Regulatory Reform. The field will be developed in conjunction with the nearby Don Southwest field, using a modified and re-furbished floating production facility ('FPF'), the Northern Producer. In addition, a drilling unit, the Transocean John Shaw, has been contracted to drill the initial development wells.


The West Don field straddles Blocks 211/13b and 211/18a (licences P.1200 and P.236 respectively) of the northern North Sea, approximately 150 km northeast of the Shetland Islands, in a water depth of approximately 500ft. Stratic acquired a 50% interest in Block 211/13b in the UK 22nd Licensing Round. Owners of the two blocks have agreed a fixed field unitisation which results in Stratic owning 17.25% of the West Don unit. The operator is Petrofac Energy Developments Limited.


The West Don field was discovered in 1975 by well 211/18-9 which contained oil in sandstones of the Middle Jurassic Brent Group. The field was further appraised with well 211/13-4 in 1976 and with well 211/13b-11 in 1990. The West Don reservoir comprises a circa 470 ft thick Brent sandstone sequence, similar to that currently producing in the nearby Thistle, Penguin, and South Magnus oil fields. Estimated proven and probable reserves of West Don are approximately 21 million barrels from a STOIIP of 53mmstb. There is additional upside potential in the southern area of the field. The oil gravity is 34degrees API.


The FDP envisages the drilling of two updip high angle producers and one downdip water injector well from a central cluster, tied back to the FPF, which will also handle Don Southwest production. The Northern Producer is a former drilling unit converted for production operations, which operated until recently on the UKCS Galley oil field. It has been secured for field life under a lease arrangement, with tariffs based on oil throughput and prevailing Brent oil prices. Initial peak production rates from West Don are expected to be around 25,000 bopd (gross).


Oil export from the Northern Producer will either be by offshore loading by tanker or subsea tie-back to a nearby platform. Discussions with potential
service providers are ongoing.


FDP approval is expected to be received in the first half of 2008, with development drilling expected to commence on West Don in the second half of 2008. Some modifications and life-extension works will be carried out on the Northrn Producer in 2008. First oil is targeted for the second quarter of 2009.


Total capital costs of the project are expected to be about GBP 170 million (gross).


Kevin Watts, Stratic's Chief Executive, commented:

'The submission of the West Don development plan means we have created a project of very substantial value out of a stranded oil discovery which was acquired with minimal investment, but has been the subject of extensive technical and commercial work over two years. This is a major milestone for Stratic and a validation of our North Sea business model. On completion, anticipated next year, the project will provide Stratic with significant operating cashflow.'


For further information contact:


Peter Thomas, Chief Financial Officer [phone]

Mark Bilsland, Chief Operating Officer [phone]


Patrick d'Ancona, M: Communications [phone]


Canadian Investor Relations

Roger Fullerton [phone]

Email: [e-mail]


Website: www.straticenergy.com


Notes to Editors:


1. About Stratic: Stratic Energy Corporation is a Canadian-incorporated international oil and gas business focused on adding value principally through the appraisal, development and production of existing discoveries, supplemented by a low to moderate risk exploration program. Stratic's principal interests are in the UK and Dutch sectors of the North Sea, Italy, Turkey and Syria. Its shares are listed on the TSX Venture Exchange in Toronto and on AIM, London and its principal operating office is in London, UK.


2. West Don Ownership: Co-venturers in the West Don unitised field area are as shown in the table below:

Owner (%) 211/18a 211/13b West Don
(P.236) (P.1200) unit area

Petrofac 43.11 27.700
First Oil 30.00 - 19.275
Nippon 50.00 18.500
Valiant 26.89 17.275
Stratic - 50.00 17.250



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 does not accept responsibility for the adequacy or
accuracy 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

[afcal1972] 09/1/2008 17:34

SE are consolidating their interests by jettisoning off some old Grove assests they acquired during the merger.

The cash flow took a setback when the Stratic gas line in Turkey got hit by a passing trawler doing some opportunistic fishing, so this cash should help a little for the current plans.

Lots of potential to develop with Abadesse and Breagh (to name 2) having both proven (and valuable) reserves. Just waiting for some final obstacles to be overcome before they come online.

Patience is the key with this one, share price rises are surely just a short hop skip and a jump away.

[steelwatch] 09/1/2008 17:25

wassapaper - enjoy!

[harvey_b] 09/1/2008 17:09

wow cant believe anyone is watching these, let alone owns any , after the last 2 released selling assets, do they have anything left

[wassapper] 09/1/2008 17:03

Thanks for the new thread steelwatch

[steelwatch] 28/12/2007 09:41

!YOUTUBEVIDEO:JWIDItiFiSU:
Stratic Announces Court Approval of Proposed Plan of Arrangement with EnQuest PLC
CALGARY and LONDON, November 4, 2010 - Stratic Energy Corporation (TSX Venture: 'SE', AIM: 'SE.') ("Stratic" or the "Company") announces that the Supreme Court of Yukon has today granted a final order approving the previously announced plan of arrangement (the "Arrangement") with EnQuest PLC ("EnQuest") under the Business Corporations Act (Yukon). The Arrangement provides for the acquisition by EnQuest of all of the issued and outstanding Stratic shares in exchange for ordinary shares of EnQuest on the basis of 0.089626 of an EnQuest share for each Stratic share. Today's court order follows the approval of the Arrangement by the Company's shareholders at a special meeting held on November 2, 2010.Having now received all necessary shareholder, court and other approvals the Arrangement is scheduled to be completed after close of markets on November 5, 2010. Upon completion the Company will become a wholly-owned subsidiary of EnQuest and all Stratic shareholders will be entitled to receive EnQuest shares in exchange for their Stratic shares based on the exchange ratio of 0.089626 of an EnQuest share for each Stratic share. Accordingly, the Company has taken steps to cause the Stratic shares to be delisted from the TSX Venture Exchange and their admission to trading on the Alternative Investment Market ("AIM") of the London Stock Exchange to be cancelled as soon as practicable following completion, which steps are anticipated to result in the Stratic shares ceasing to trade on either such market after the date of completion.Details of the Arrangement and the business of EnQuest are contained in the Information Circular and Proxy Statement of Stratic dated September 28, 2010. Copies of the Information Circular and Proxy Statement, together with the letter of transmittal by which registered shareholders of the Company may surrender the certificates representing their Stratic shares in exchange for the EnQuest shares issuable under the Arrangement, were posted to shareholders and are also available electronically on SEDAR at www.sedar.com and the Company's website at www.straticenergy.com.


Enquest Thread -

[in_flu_ence] 27/11/2007 17:59

seems like the delays is the main cause for the current share price. Really need to be a game for patience. At least the fire can't lower the price any further. Pretty much at a good undervalue position.

[kim_clay] 27/11/2007 12:33

Isn't West Don supposed to be tied back to Thistle?...pity it was on fire this week!, can only mean MORE delays.

[sg31] 24/11/2007 21:32

patience is required but there is plenty of drilling to look forward to.

[in_flu_ence] 23/11/2007 20:31

Just a pity. Good management team. Know their technical stuff but seems like we are just out of luck and Time is the factor.