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Stratic produces natural gas at Akkaya-1 well
Stratic Energy Corp (TSX-V:SE)
Shares Issued 82,245,308
Last Close 5/27/2005 $0.79
Tuesday May 31 2005 - News Release
Mr. Hugh Ross reports
STRATIC'S AKKAYA-1 WELL PRODUCES NATURAL GAS OFFSHORE TURKEY
Stratic Energy Corp. and its partners, Toreador Resources, and TPAO, the Turkish national oil company, disclose the Akkaya-1 delineation well in the Black Sea offshore Turkey has successfully tested natural gas. Gas is indicated by logs in zones located between approximately 853 metres and 1,136 metres. The first gross interval perforated and tested was between 1,050.5 metres and 1,135.5 in which an 11-metre section tested at a sustained rate of approximately 7.6 million cubic feet of gas per day on a 36/64-inch choke at a flowing wellhead pressure of 913 pounds per square inch. Final shut-in pressure was 1,395 pounds per square inch.
Other productive intervals are present between depths ranging from 853 metres to 927 metres. The company expects, following common industry practice, to ultimately perforate and produce an additional 36 metres of gas bearing sands uphole after the deeper zones described in the preceding paragraph are fully depleted.
The Akkaya-1 well was drilled in the company's South Akcakoca subbasin project about five miles offshore in the shallow waters of the western Black Sea. The well is productive from the Eocene-age Kusuri formation. The Akkaya well is the first confirmation well drilled after the successful initial exploration well; Ayazli-1, which is located approximately seven kilometres to the northwest that was drilled, tested and suspended in September, 2004. This Tertiary sequence that tested gas in the Ayazli-1 and the Akkaya-1 also tested gas in the nearby Akcakoca-1 well drilled by TPAO in 1976.
The Akkaya-1 well will be temporarily suspended as further development activity in the South Akcakoca subbasin continues. The first Guardian II production sleeve has been moved by barge from the fabrication yard in Izmit, Turkey, and is now anchored near the location to be prepared for installation during the second week in June. The "Prometheus" jackup rig supplied by Group Servicii Petroliere (GSP) Romania, a Romanian drilling company, will be moved to a new location that is an immediate offset to the Ayazli-1 discovery well as soon as operations are complete at the current location. The company has previously reported that it would drill at least two and as many as seven more wells with the GSP rig.
The Akkaya-1 discovery supports the operator's previous estimate of potential reserves in the South Akcakoca area of approximately 350 billion cubic feet of natural gas, based on available geological and geophysical information. Stratic does not possess a reserve report prepared in accordance with National Instrument 51-101 and cannot at this time independently verify these numbers until further delineation drilling and testing is completed.
It is estimated the gross cost of the Akkaya-1 well will be approximately $4-million. The well was spudded on May 5, 2005, and had reached a total depth of 1,275 metres on May 25, 2005.
Stratic holds a 12.25-per-cent working interest in the acreage, the operator of the well, Toreador Resources has a 36.35-per-cent working interest and TPAO owns the remaining 51-per-cent working interest. |
