RNS Releases
16 June 2016 - Woodburn Forest-1 well completion of drilling PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, announces that drilling has been completed at Woodburn Forest in County Antrim, Northern Ireland.

The well was drilled to a depth of 2,000 metres and encountered two conventional sandstone reservoir intervals, the Triassic Sherwood and the Lower Permian Sandstones. Wireline log analysis has calculated porosities of over 20% in the upper parts of both the Sherwood and the Lower Permian Sandstones but both targets were water wet.

The well will now be plugged and abandoned.

Commenting, Andrew Hindle, CEO of InfraStrata said:

“Following the divestment of exploration assets late last year this remained our only exploration project with costs fully carried through the well. Completing activities associated with the well will complete the work programme obligations on Licence PL1/10. The licence recently entered its second five year term. It is naturally disappointing not to have encountered a hydrocarbon accumulation and the joint venture will now fully evaluate the data collected in the well and decide where to focus its future exploration activity in the basin.

InfraStrata and its project partners would like to thank all those involved in the operations for their hard work and dedication. We will now work with our local contractors to professionally restore the site.”

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25 May 2016 - Receipt of balance of EU Grant PDF Print E-mail

The Board of InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce that following submission of final reports to the EU on the Islandmagee gas storage project, the balancing €1.75 million grant monies have now been received from the EU.

Under the terms of the Convertible Loan Facility Agreement signed with Baron Oil plc (“Baron”) in May 2015, this cash balance will now be placed into an escrow arrangement as security for the €1.8 million bridging finance provided by Baron, which now has a first repayment date of 1 August 2016.

Baron has an accompanying option until 31 March 2017 (or until the loan is repaid if that is earlier) to convert the loan balance into a 15% equity participation in the share capital of InfraStrata’s subsidiary, Islandmagee Storage Limited (“IMSL”) (the owner of the gas storage project). Should the option be exercised, the equity would be provided pro-rata by InfraStrata, currently 65% interest, and its project partner, Moyle Energy Investments Limited (”Moyle”), currently 35% interest.

Commenting, Andrew Hindle, CEO of InfraStrata said:

“The receipt of the final grant monies in relation to the Islandmagee salt core programme is the conclusion of a highly successful programme of work to complete the feasibility phase of the Islandmagee gas storage project. The continued availability of EU grant funding for the next phase of the project, the Front End Engineering and Design, is a testament to the strategic importance of the project and to InfraStrata’s ability to deliver these work programmes.”

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16 May 2016 - Woodburn Forest-1 well commencement of drilling PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce that drilling has commenced at Woodburn Forest in County Antrim, Northern Ireland. The drilling of the well is expected to take around six weeks to complete.

The well will be drilled to a depth of 2,000 metres and target three conventional sandstone reservoir intervals, the Triassic Sherwood Sandstone, Lower Permian Sandstone and Carboniferous Sandstones. The P50 Prospective Resources have been estimated by the joint venture at 25 million barrels of oil within the Woodburn Forest prospect.

Following completion of the drilling, the well will be plugged and abandoned and the site will be restored to its former state. In the event of encouraging results from the well, any re‐establishment of the site for further works, such as testing, would require further consents and planning approval.

Commenting, Andrew Hindle, CEO of InfraStrata said:

“It has been five years since we were awarded a petroleum licence. In that time we have acquired the first extensive seismic surveys across the Larne-Lough Neagh Basin in 2011 and 2012, confirming the prospectivity of the basin and ultimately leading to location of Woodburn Forest for drilling an exploration well. InfraStrata’s conventional exploration programme in County Antrim is an important part of our strategy, with successful exploration capable of delivering significant upside for our shareholders and Northern Ireland.

I would like to acknowledge the dedication and professionalism of the InfraStrata team and our consultants and suppliers during this period. InfraStrata and project partners look forward with great interest to the results of the well.”

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13 May 2016 - Re Press Comment on Woodburn Forest PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, notes recent press comment on the Woodburn Forest project and that an individual has been granted leave for a judicial review with the local authority regarding the Woodburn Forest site. InfraStrata is a notice party. A date for a hearing has not yet been set. A further request by the individual to seek an injunction to stop the drilling has not been pursued and the Company continues to progress with its drilling programme and will update the market as necessary.

The Company has no further information on the matter at this stage, although it is aware of ongoing protest regarding the site. The local authority and other agencies have been and are addressing complaints from the individual and protesters regarding the Company’s operations on the site and the Company has provided all possible cooperation in that respect. InfraStrata has all of the required statutory approvals and consents to drill the well and will continue to comply with these and ensure that the operations are safe and the environment is protected.

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22 March 2016 - Interim results for the six months ended 31 January 2016 PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company is pleased to announce its unaudited interim results for the six months ended 31 January 2016.

Overview and highlights

Operational

  • Following divestment of most exploration assets announced in November 2015, the Company’s focus is on the monetisation of its interest in the Islandmagee gas storage project and the drilling of the Woodburn Forest-1 exploration well on licence PL1/10 in County Antrim.
  • Islandmagee Gas Storage project (County Antrim)
    • Following completion of the £3.8 million salt core well programme in 2015, the feasibility phase of the project is complete. The next step in the project’s development is Front End Engineering and Design (‘FEED’) which would take the project to the point where contracts for construction could be awarded. To date over £11 million has been expended on the project.
    • EU grant support for the 2015 salt core well programme has been followed by an offer of grant support for 50% of the costs of FEED up to a maximum of €4.024 million. Grant support continues to be available by virtue of the project’s status as a Project of Common Interest (‘PCI’) conferred by the EU due to the strategic importance of the project.
    • Advisors have been appointed by both InfraStrata and its subsidiary Islandmagee Storage Limited (‘IMSL’) to help deliver new investment into the project which would result in a monetisation of all or part of the Group’s interest in the project as soon as practicable.
    • A dataroom for the monetisation of the project has opened.
  • Exploration project
    • Funding of the Woodburn Forest-1 well on PL1/10 was completed through a series of Farmout Agreements concluded in January 2016.
    • All consents have been received, site construction commenced on 10 March 2016 and drilling is expected to commence in May 2016.
    • InfraStrata will retain a 10% interest in PL1/10 fully carried through the well.

Financial

  • Placing of ordinary shares raised £450,625 (£421,963 after expenses) and completed in two tranches in December 2015 and January 2016.
  • Proceeds from the disposal of exploration assets totalled £326,459 during the period – a further £300,000 is expected to be received prior to commencement of drilling of the Woodburn Forest-1 well.
  • Terms of farmout agreements on PL1/10 and P2123 resulted in £199,170 being received as reimbursement for costs already incurred.
  • After the end of the period a further £500,000 was received in cash as part of a data sharing agreement.
  • Following the above transactions the Group has sufficient resources to meet anticipated project management and administrative costs to the end of December 2016 and to invest as necessary in advisory and technical resources to progress the monetisation of the Islandmagee gas storage project.
  • Loss for the six month period ended 31 January 2016 of £254,782 (31 January 2015 – loss £599,048) after deducting a gain recorded on the disposal of Exploration and Evaluation assets of £156,466 (31 January 2015 Nil).
  • The Group’s cash and cash equivalents at 31 January 2016 was £1,024,471 (31 January 2015 - £624,227) and net working capital was £314,859 (31 January 2015 - £154,624).
  • Basic and diluted loss per share – 0.16p (31 January 2015 loss – 0.60p).

Commenting on the results and outlook, Ken Ratcliff, Chairman, said:

" We are delighted with the successful funding of our 2016 work programmes enabling us to concentrate upon securing value for our interest in the Islandmagee gas storage project in addition to drilling of the Woodburn Forest-1 exploration well, both located in County Antrim in Northern Ireland.

The successful funding of the Group’s operations for the year and the successful farmout of the Woodburn Forest-1 well have been achieved in extremely challenging market conditions. We now have the opportunity to realise value for shareholders from these projects and our challenge during the remainder of 2016 is to ensure that these activities progress as swiftly as possible. We acknowledge and appreciate the continued support of our shareholders."

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