Stratic awarded North Sea licenses

Stratic Energy Corp. has been awarded three blocks in the UK 25th Offshore Licensing Round.

Offshore staff

LONDON -- Stratic Energy Corp. has been awarded three blocks in the UK 25th Offshore Licensing Round. The licenses awarded to Stratic include blocks 42/10 and 42/15 in the Southern Gas basin adjacent to the Breagh gas discovery, and part block 20/15 in the central North Sea.

Stratic will have a 20% interest in blocks 42/10 and 42/15 operated by Sterling Resources. The blocks are located approximately 20 km (12 mi) from the Breagh discovery, in which Stratic has a 10% interest, and where the partnership is currently preparing to spud the second of two appraisal wells to be drilled this year.

Block 42/10 contains two undeveloped discoveries; a small Triassic Bunter Sandstone discovery that tested at 19.6 MMcf/d from the 42/15b-1 well drilled by Total in 1984, and a Carboniferous gas discovery in well 42/10-2z that was drilled by Mobil in 1996, and tested at 8 MMcf/d.

Block 42/15 contains a Zechstein gas discovery in the 42/15a-2 well drilled by Total in 1990, and tested gas at 7.6 MMcf/d. The award is for a traditional license with a term of four years, and requires acquisition of 2D seismic and a firm well commitment.

In the central North Sea, Stratic will have 100% and operate part block 20/15. This block is directly to the northwest of the Kittiwake. The award is for a traditional license with a term of four years, and requires reprocessing of existing seismic data.

11/13/2008

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