P8a Production Licence
Stratic holds a 48% interest in the Horizon West unit through a 60% working interest in block P8a in the Dutch North Sea which contains the western part of the Horizon West oil field. The Horizon West field discovery was drilled in 1982 and tested 40° API oil from tight but naturally fractured Jurassic sandstones.
The Horizon West discovery will be developed as a satellite to the adjacent Horizon field, which is operated by Chevron exploration and Production Netherlands B.V. and located approximately 7 km to the east. Development planning work is nearing completion and assumes that Chevron will operate the development utilising a single long reach well drilled from an existing slot on their Horizon platform.
Development drilling is targeted for late 2008 and first oil expected in the second quarter of 2009. Stratic has booked proved reserves of 1.7 million barrels and proved and probable reserves of 3.6 million barrels.
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