OilVoice - Stratic Energy Announces Commencement of Drilling on Bugle North

Stratic Energy Announces Commencement of Drilling on Bugle North

Wednesday, February 24, 2010

Stratic Energy Corporation announces that operator Nexen spudded the 15/23d-15 well on the boundary between blocks 15/23c and 15/23d on 22 February, 2010. The well is being drilled as a joint well between two separate partnership groups and will satisfy a licence commitment for the P1465 (Bowmore area) partnership operated by Nippon Oil Exploration and Production UK Limited on behalf of Stratic and other partners.

The Bugle North well targets the northern extension of the Bugle oil discovery that was appraised by the P815 group in 2008. The well is to be drilled by the Glomar Arctic IV semisubmersible drilling unit to a total depth of approximately 15,000 feet and is expected to take approximately 60 days to drill to that depth. The cost of the well will be equally split between partnerships, exposing Stratic to 7.5% of the gross well cost estimate of approximately £25 million (~$3
million net to Stratic).