AIM listed Stratic Energy Corporation announces the successful drilling of the East Breagh well located on Block 42/13 in the United Kingdom North Sea.
The well (42/13-4) was drilled to a total depth of 8000 feet true vertical depth sub-sea. Preliminary analyses of both the core and the well logs indicate two gas bearing intervals with approximately 72 feet net sand in total. Preliminary geological analysis indicates that these upper gas sands show 30 feet of high quality reservoir and appear to correlate with the sands encountered in the previously drilled West Breagh well (42/13-3) approximately four kilometres away. The joint venture partners have agreed to commence a testing programme over both the upper and lower reservoir sections to complete the evaluation of the well.
The joint venture partners are Sterling Resources 45% and operator, Stratic 10%, Regernesys 15%, Encore 15% Faroe 10% and Petroventures 5%.
Kevin Watts, Stratic's President and Chief Executive Officer commented 'The results to date from this important well are very encouraging and go a long way towards proving that the east and west areas of the structure are part of a single larger gas accumulation. We look forward to the results of the planned test programme, and the immediate follow-up well planned on West Breagh'.
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