Stratic Energy Corporation announced that it is unaware of any material change in business conditions that could have caused the rise in the Company's share price in early trading today. Further to recent reports in the international industry press, Stratic confirms that it is to drill a consecutive three-well appraisal program on its Black Sea acreage, offshore Turkey, with partners Toreador Resources Corporation and the Turkish state oil company, TPAO, commencing in mid-April of 2005. Drilling locations have been selected using the recently acquired 190 square kilometer 3D
seismic survey following the drilling of the Ayazli-1 gas discovery well last summer.
If successful, the wells will be completed and suspended as future
production wells. Furthermore, the partners will have an option to drill up to
five additional wells utilizing the same drilling rig. A phased development of
the gas reserves in the area is envisaged with production commencing into the
local and industrial market as early as 2006. Stratic has a 12.25% working
interest in the project.
The Company will provide progress reports on the prospective block in
Syria, its holdings in the U.K. North Sea, the two blocks offshore Côte
d'Ivoire and the two onshore blocks in Morocco in due course and as warranted.