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Thursday, November 8, 2007
Stratic Energy announced that subject to ratification by the Moroccan Government, it has converted a portion of its Guercif Beni Znassen Reconnaissance License in north-eastern Morocco into two exploration permits and agreed to farm-out half of its former 40% working interest to Sphere Investments QSC.
The two new exploration permits will cover a total of 3,893 sq km in the Guercif area out of the 13,750 sq km of the former reconnaissance license. Stratic and the operator of the permit, TransAtlantic Petroleum Corp. will each farm-out 50% of their respective interests to Sphere and in exchange Sphere will pay 100% of the costs of an initial three-year exploration program on the new Guercif permits and will contribute to costs on the license to date.
The Guercif exploration permits are for an 8-year term divided into three periods. The initial 3-year work program will include re-entry of an existing well and the acquisition of 300 kms of 2D seismic data. TransAtlantic will continue on as operator of the permits over this 3-year period.
Commenting on the farm-out, Mark Bilsland, Chief Operating Officer said “This deal gives us the opportunity to continue to explore in the Guercif area at no cost to Stratic for the next three years, leaving us with a meaningful stake in the exploration upside in the two permits. The forward program is designed to re-evaluate technical data on a well drilled in the area many years ago and to provide new seismic data over one of the more prospective areas in the original reconnaissance license. We are delighted to be working with Sphere in this venture.”
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