OilVoice - Stratic Energy UK Farm-in Opportunity; Blocks 210/19a and 210/20a

Stratic Energy UK Farm-in Opportunity; Blocks 210/19a and 210/20a

Thursday, November 12, 2009

Stratic Energy is offering an incoming partner a 50% interest in licence P1375 by funding a share of an exploration well in Q2/Q3 2010. Part blocks 210/19a and 210/20a contain two Brent prospects and two Upper Jurassic Home Sand prospects. The Kite prospect is a Middle Jurassic Brent sand prospect, with base case reserves of 15mmbl and upside reserves of 26mmbl. Well costs are £9.3mm to a TD of 7400ft at a rig rate of $230,000 per day for a 27 day well including open hole logging. The Upper Jurassic Home North Prospect has estimated P mean recoverable reserves of 21mmbl with upside reserves of 34mmbl. Recent drilling activity in the area includes the Rinnes and Cladhan discoveries.

Project: Blocks: 210/19a and 210/20a
Type of deal: Farm out
Basin: East Shetland
Type of project: Exploration