Company History
The Company was incorporated on 12 December 1997 and carried on business as an international independent oil and gas exploration and production company. In October 2000, the Company successfully applied for a listing on the TSX Venture Exchange.
Its initial principal area of interest was West Africa, but in 2003, it was re-focused to lower-risk activities. The Company’s current portfolio of assets has been mainly accumulated since the end of 2003. In 2004, the Company commenced successful exploratory drilling in the Akcakoca area of the Black Sea, offshore Turkey, discovering gas on the Ayazli prospect. In that same year, the Company acquired interests in the Crawford and West Don discoveries in the North Sea (UK sector). During 2005, the Company further developed its interests in the Black Sea (Turkey) and acquired an interest in the Cairngorm discovery in the North Sea (UK sector). In addition, substantial changes were made to the Board of Directors of the Company during 2005, including the retirement of Mr. Hugh Ross as President and Chief Executive Officer and the appointment of Sir Graham Hearne as Chairman and Mr. Kevin Watts as President and Chief Executive Officer. Dr. Mark Bilsland joined the management team, originally as Chief Financial Officer during October 2005.
During 2006, the Company continued its development programme in the Black Sea (Turkey) and also acquired
a further interest in the Crawford discovery in the North Sea (UK sector).
During 2007, the Company acquired Grove Energy Limited, which owned near-term development assets in the Dutch North Sea and Italy as well as a high quality appraisal opportunity at Breagh in the UK North Sea. Stratic also acquired an interest in the Bowmore discovery in the UK North Sea. First commercial gas sales from the Company’s interests in the Black Sea (Turkey) took place in May 2007. Successful appraisal wells were drilled on the Breagh and Crawford discovery in the UK sector of the North Sea. The Company completed a CDN$56.1 million equity fund-raising by way of private placement in spring 2007. Stratic also listed on the AIM market of the London Stock Exchange on 21 June 2007.
In December 2007, a field development plan was submitted for the West Don oil field in the UK northern North Sea.
During 2008, the Company completed a convertible bond issue raising $42 million and a package of debt facilities totalling US$150 million.
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