Operations

F Quad

Stratic holds a 60% interest in Blocks F14, F16, F17a, F18 and L1b in the Dutch sector of the North Sea. Exploration rights to the shallow oil prospectivity on Blocks F16 and F17a were acquired in 2007 through an exchange agreement with Wintershall who will gain the exploration rights for the deeper gas prospectivity on Blocks F14, F18 and L1b. The Dutch state company, EBN, has exercised its right to back-in to a 40% interest in these licences, and will pay its share of all costs.

These blocks contain a number of undeveloped oil discoveries and are adjacent to the Nogats gas export system. Stratic has purchased existing 3D seismic data over the area and has commenced a multiblock interpretation designed to assess the potential of those blocks, and expects to commence drilling activity in 2009.

Stratic considers that their blocks hold considerable longer term potential for the company.

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