American company to start oil drilling in northern Morocco in Q3

[sbs]

The American "Heyco" company is to start a first oil exploration drilling in the 3rd quarter of 2006 in the concessions of Moulay Bousselham and Maamora, north-west Morocco, said the Canadian "Stratic Energy" company.

Stratic Energy, which has voted its investment budget, estimates the drilling could cost USD 1.3Mn, said the bimonthly "Le Pétrole et le gaz arabes" of the "Centre arabe d'études pétrolières".

Stratic acquired a 36% working interest in two concessions located onshore Morocco. Existing seismic shows both concessions contain shallow gas anomalies and highly prospective deeper oil accumulations.

In June 2005, Stratic announced that it was awarded a reconnaissance license together with TransAtlantic Petroleum Corp. as operator. Stratic will have a 40% interest in this license, in the Guercif-Beni Znassen area of north-east Morocco, reads the Calagary-based company web site.

The Moulay Bousselham and Mamora concessions encompass 4,000 sq. km and contain a proven hydrocarbon fairway. The initial term on the concessions is three years, with options for extensions.

[razrif]

good work sbs