P8a Horizon West Production LicenceStratic 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 is likely to 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.
The development, initially planned as a single long reach development well from Chevron’s Horizon platform is now considered more likely to be a simple two well development tied back to the Horizon platform. Alternative off-take routes are also being investigated. Stratic considers this development to require a sustained $60 /bbl oil price environment, and so has deferred development activity over the oil price downturn of 2008/9.
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