Stratic positions first Tripod over Akkaya
Posted: 14 August 2006
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To coincide with information released Tuesday by Toreador, operator of Stratic Energy Corp.'s gas development project in the South Akcakoca Sub-Basin of the Black Sea, cffshore Turkey, Stratic announces the following:
The operator has successfully positioned the first production tripod over the Akkaya field and will shortly commence pile-driving operations to secure the tripod at the sea bed. Two further tripods will be installed over the Dogu Ayazli and Ayazli fields over the next few months in the first phase of development in the project.
The operator has also released revised estimates for natural gas reserves in the proved, probable, possible and potential categories for the area contained within the boundaries of the existing 3D seismic survey, which includes those reserves currently under development within Phase I of the South Akcakoca Sub-Basin development referred to above. These estimates have been arrived at by Toreador's independent reserve engineers from nine successful wells and two dry holes drilled since September 2004 and from 2D and 3D seismic surveys conducted in the area.
Stratic's equity share of these estimates is 12.25%.
Kevin Watts, President & Chief Executive Officer, commented: "The successful positioning of the Akkaya tripod is an important milestone in the South Akcakoca Sub-Basin development, which continues on schedule. We note the operator's revised reserve estimates for the area, which are consistent with our internal estimates. We look forward to the forthcoming drilling program in the deeper water areas which is designed to add additional proven, probable and possible reserves for development through the Phase I infrastructure."
Stratic is an international exploration and development company with gas developments in Turkey, oil developments in the UK North Sea and exploration acreage in Morocco and Syria. |
