Stratic Energy Share Discussion Threads

[steelwatch] 08/10/2009 14:03

Commencement of operations on the Al Tayr-101 exploration well in Syria

CALGARY and LONDON, October 8, 2009 - Stratic Energy Corporation (TSX Venture: 'SE', AIM: 'SE') ("Stratic" or the "Company") announces that it has commenced drilling operations at the Al Tayr-101 well on the Jebel Nasrani prospect located in Block XVII in the Palmyride Basin of south west Syria. The well was spudded with an AMAK rig on 7 October 2009. Stratic has a 35% per cent interest in Block XVII and is operator of the block which covers an area of approximately 5050 square kilometers.

The Al Tayr-101 exploration well is targeting Triassic Kurrachine carbonates, which are the main gas bearing reservoirs in the gas fields to the north of this area. The well is estimated to take 80 days to drill to a total depth of approximately 3000 meters. The Jebel Nasrani prospect is one of eight prospects that have been identified in Block XVII from a seismic work program that included the acquisition of 1105 kilometers of new seismic data and the reprocessing of approximately 1500 kilometers of legacy seismic data.

Dr Mark Bilsland, Chief Operating Officer, commented "We are looking forward to the results of this exploration well which is designed to test the full sequence of the Kurrachine reservoirs at the Jebel Nasrani prospect. If successful, there is additional follow on potential in the 7 other mapped prospects at Kurrachine level."

[dawsonpaul] 07/10/2009 07:31

Guys, I've been reading some of the posts on this board and looking at the fundamentals. Very knowlegable people here and the masses seem not to have picked it up, which is good. We have some similar prospects at XTR, some of which are 2 wells due to spud on 74mbbo, moving us from pure A&E to a downstream producing operation - an announcement is due within the next 2 weeks. Significantly undervalued share and a very high prospect offshore license in Turkey's Candarli bay, which is being drilled into early 2010. Have a look at the BB headers and some of the quality research being done and you will realise these are a bargain. The holders over there are expecting a significant rise in price - soon. Gradually, people are cottoning on and the BB is getting busier. We have a persistent seller (who we call Mr. 500k and more recently Mr. 1M). He has kept the price dragging as he always sells into the strength, which I suppose could be looked at as positive for the eventual northward direction, but our estimation is that he will be concluded soon. I'll put SE. on the watchlist with a countdown timer of 49 days. Well done.

[steelwatch] 07/10/2009 07:09

NEWS RELEASE

Commencement of Bati Ayazli-1 Exploration well in the Black Sea, Offshore Turkey

CALGARY and LONDON, October 7, 2009 - Stratic Energy Corporation (TSX Venture: 'SE', AIM: 'SE') ('Stratic' or the 'Company') announces that operator TPAO, Turkiye Petrolleri Anonim Ortakligi, the Turkish National Oil Company commenced drilling operations on the Bati Ayazli-1 exploration well in the South Akcakoca Sub basin located in the Black Sea, offshore Turkey. The well commenced operations with the Grup Servicii Petroliere 'Saturn rig' on 6 October 2009. Stratic has a 12.25 per cent interest in this well.

The Bati Ayazli-1 exploration well is located to the west of the currently producing Ayazli gas field. This exploration well is targeting on trend additional potential at the reservoir level seen at the Ayazli field and is also targeting a deeper exploration objective. Operations to total depth are estimated to take approximately 49 days.

Dr Mark Bilsland, Chief Operating Officer, commented 'We are looking forward to the results of this exploration well which is designed to test two stratigraphically separate levels. The deeper stratigraphic target has not been tested before in this area and the results will aid our understanding of the deeper potential in this area. The shallower target, if successful, will provide incremental gas production and will be tied back to the existing Ayazli field facility.'

[steelwatch] 06/10/2009 16:05

ifu - let's hope for successful outcomes all round.

[ifudrillittheywillcome] 06/10/2009 16:01

SE received another extension on the Syria drill. However - it's reported on the IV DXE Board (SE's partner there) that DXE's Mgt team is in Syria for the Spud. So - we should be very close.

Upon SE's mgt return -- hopefully - we will have news re the Syria Spud - Black Sea spud and the Italy asset sale --all during this month

[steelwatch] 06/10/2009 09:55

Farmscan - Mid-October was mentioned in the September Investor Update, but we were also expecting West Ayazli to have spudded last month.

[farmscan] 06/10/2009 08:32

Must be due Syria spud news soon. Isn't today the expiry date for the permit on block 17?

edit: no tomorrow, realised today's the 6th.

[steelwatch] 29/9/2009 08:02

Valiant:

Progress continues on the Crawford field with the focus currently on the front
end engineering and design phase, including definition of the modification to
the East Brae host platform. The FDP is in final draft form for submission by
the end of 2009 and includes hydraulically fractured wells to maximise
production and reserves' recovery from the field.

[westmoreland lad] 22/9/2009 23:47

Steel -- sent u mail on de 19th. -------- u deed

[br1an] 21/9/2009 20:46

Thanks for posting JAK108

Oiljack's detailed summary is a must read.
Presented with great clarity of thought.
Thanks Oiljack.

[jak108] 21/9/2009 13:37

Good post summarising the SE. status by Oiljack at the following link for any one interested, message 4094:

[father_paul] 15/9/2009 09:57

Thanks, loads of figures to look at in the presentation!

[ed 123] 15/9/2009 09:21

For anyone who didn't know, the company's website has an investor presentation dated September 2009. It gives a good view of the various activities.

[steelwatch] 15/9/2009 09:12

Oh, forgot, read back a couple of posts. Turkey due to spud this month.

[father_paul] 15/9/2009 08:55

Quick in your reply .. many thanks. Paul.

[steelwatch] 15/9/2009 08:25

Basically correct except that the water injection well is done and due to commence soon. Petrofac is aiming to complete the tie-back to the Thistle platform early next year which will overcome the fspo bottleneck and rough weather loading delays. All as I understand it.

Bowmore is declared "tight-hole" due to commercial sensitivity, so we don't know.

Won't be around much for a few days.

[father_paul] 15/9/2009 08:20

Long time since last posting here so busy catching up on what we are waiting for next, please correct me if I'm wrong .........

Bowmore results are not known. Are they good or bad?

Longanesi sales agreement is close. There is a related $15m payment that is due on the 15th September related to the gas sales price.

Syria rig is being mobilised but racing against time to spud by 7th October

West Don production is still not producing the quantity of oil expected due to some constraints. Is a water injection well being drilled? Was expecting $33m net of sales by the year end to meet financial constraints and repayments.

[steelwatch] 10/9/2009 08:17

Warning shot across the bows of the North Sea. Ocean Guardian is off to the Falklands. Use 'em or lose 'em!

[steelwatch] 02/9/2009 18:07

Black Sea partnership to drill West Ayazli


Offshore staff

CALGARY, Canada -- The partners in the phased South Akcakoca development in the Turkish Black Sea will drill the nearby West Ayazli prospect next month, using the jackup Saturn.

According to Stratic Energy, the well - targeting a Cretaceous interval – is expected to encounter gas in the Kusuri formation. It is therefore being designed for subsequent tieback to the Ayazli platform. The partners have budgeted $23.1 million for the drilling program, which includes production equipment but not tie-in costs.

South Akcakoca Phase 1 involved developing the Akkaya, Ayazli, and East Ayazli fields. Production improved last month following measures to increase chokes on the wells. Various perforations on the East Ayazli wells have also provided short-term boosts throughout the year.

Phase 2 is currently well advanced, with fabrication of a jacket and deck for a new platform under way. Stratic anticipates float-out and installation offshore next summer, including a pipeline tie-in to the existing export system. First gas is due in fall 2010.

08/28/2009



That's this month now.

[farmscan] 02/9/2009 11:43

Steelwatch

Thanks for that, I saw on the Dualex website that they were talking about moving rig end of July and possible spud in Sept. but the above is what I was looking for. I'll have a look later, tied up with the day job at the moment!

[steelwatch] 02/9/2009 11:06

Farmscan - see page 8 (released 28/08/09)



Syria

On Block XVII (Stratic 35%, operator), following the execution of the drilling contract with AMAK, operations for the drilling of the Al Tayr 101 well have commenced. The rig is currently being prepared for shipping from Alexandria in Egypt at the end of August. The well site is being modified to accommodate the rig, and long lead items not already stocked are being procured.

The incremental work to prepare the well site is likely to result in a slight increase in costs, with the remaining well cost estimated at $8.7 million ($3.0 million net to Stratic). The well is expected to spud in early October, with a duration of approximately 80 days.

(Has to be spudded no later than 7 October to meet licence extension deadline).

[farmscan] 02/9/2009 10:11

Since the Syria update in Jan, when it was advised the the previous drilling contract has been terminated, I can't find anything to confirm a new contract has been agreed. I have read somewhere that a replacement rig was mobilised in July for Al Tayr, but I can't find confirmation.

Any clues anyone? TIA.

[ferries5] 01/9/2009 17:18

From investors chronicle.


Stratic on the up
Created:28 August 2009Written by:Martin Li
Stratic Energy achieved its first production revenues in the first half of the year and also improved its financial position by selling its interest in the Breagh gas development and restructuring its bank debt. Production commenced in late April from the Petrofac-operated West Don field in the North Sea in which Stratic holds a 17.25 per cent interest. Further work needs to be done to bring the field to full capacity, but oil sales have already yielded some $11m (£6.7m) to Stratic. Current production is some 12,000 barrels of oil per day from two wells, with the remaining development work expected to be completed by early 2010.



Meanwhile Stratic did better than some of its partners from the July sale of the Breagh gas project to RWE. The premium added by Stratic's surrounding exploration acreage enabled it to command a $65m fee, which has helped the company pay down net debt to its current level of $89m. But Stratic requires additional funding in order to develop its next North Sea project, Crawford, and drill an exploration well in Syria. To this aim, it is currently negotiating the sale of its interest in the Longanesi gas field in Italy, which broker Oriel Securities values at $80m. The broker is expecting full-year pre-tax losses of $15.4m and a loss per share of 9¢.

[steelwatch] 01/9/2009 14:14

Correct.

We have been formally awarded a four month extension to the Production Sharing Contract on the grounds of force majeure. This requires us to spud the well by October 7, 2009.