Arrow Exploration Corp. press release
Development Plan for Longanesi Field Submitted
TSXV - TSX Venture Exchange · Oil · Natural Gas · Canada
CALGARY and LONDON, Feb. 25 /CNW/ - Stratic Energy Corporation (TSX Venture: 'SE', AIM 'SE.') ("Stratic" or the "Company") announces that the Development Plan for the Longanesi Field has been agreed with Eni and submitted by the two partners to the Italian authorities for approval. The partners have agreed that Eni will operate the development. Submission of this plan initiates the start of the formal regulatory process, which will take at least 12 months and is expected to result in the award of two production concessions (San Potito and Bagnacavallo), and the necessary consents to permit construction and drilling operations to commence within those concessions in 2010. The Development Plan includes the drilling of three new wells within the field, the completion of the two existing wells as producers, the building of a pipeline gathering system and processing plant and connection to the national gas grid. First gas is targeted for 2011.
Mark Bilsland, Chief Operating Officer, commented: "This is an important milestone in the development of the Longanesi field. We look forward to working with Eni to obtain the necessary consents to allow construction and drilling activity to commence".
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this release.
About Stratic: Stratic Energy Corporation is a Canadian-incorporated international oil and gas business focused on adding value principally through the appraisal, development and production of existing discoveries, supplemented by a low to moderate risk exploration program. Stratic's principal interests are in the UK and Dutch sectors of the North Sea, Italy, Turkey and Syria. Its shares are listed on the TSX Venture Exchange in Toronto and on AIM, London and its principal operating office is in London, UK.
Forward-looking statements
This news release contains certain forward looking statements, which involve assumptions with respect to future plans, production levels and results, and capital expenditures. The reader is cautioned that all such forward looking statements involve substantial risks and uncertainties and the assumptions used in their preparation may not prove to be correct. Stratic's actual results could differ materially from those expressed in, or implied by, these forward looking statements and accordingly, the forward looking statements are qualified by reference to these cautionary statements. The forward looking statements contained herein are made as at the date of this news release. Stratic undertakes no obligation to update or publicly revise forward looking statements or information unless so required by applicable securities laws.
TSX-V and AIM notifications
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this release.
Stratic's Chief Operating Officer, Dr Mark Bilsland BSc (geology), PhD (petroleum petrophysics), and member of the SPE, is the qualified person who has reviewed and approved the technical information in this announcement for the purposes of the AIM Rules for Companies (incorporating the Guidance Note for Mining, Oil and Gas Companies).