RNS Releases
19 August 2016 - Baron Oil Plc Option Revision PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to report that it has repaid the loan and agreed an amendment to the accompanying option under the Convertible Loan Facility Agreement (“Agreement”) with Baron Oil Plc (“Baron”) with respect to the Islandmagee gas storage project in Northern Ireland.

Under the terms of the Agreement, originally announced in May 2015, Baron provided a loan for €1.8 million to InfraStrata. These funds were used as working capital to bridge the receipt of the European Commission grant, the outstanding 70% of which (€1.8 million) was received on completion of the work programme as announced on 25 May 2016. The programme included the drilling of the Islandmagee-1 well, which was drilled successfully in May/June 2015, together with subsequent rock mechanical testing of salt cores and engineering work. The loan was subject to an interest rate of 8% of the funds drawn down. Baron originally had a right to extend the loan period until 31 December 2016.

Baron had an accompanying option to convert the entire balance of the loan into an equity participation of 15% of the share capital in InfraStrata’s subsidiary, Islandmagee Storage Limited (“IMSL”). Should the option be exercised, the equity would be provided pro-rata by InfraStrata and its project partner, Moyle Energy Investments Limited (”Moyle”), as the other shareholder of IMSL. The amendment to the Agreement results in the option continuing to 31 March 2017, but the loan has been repaid effective 1 August 2016 from the balancing monies received from the European Commission, thereby reducing the interest due under the loan had Baron extended it to the end of 2016. The option as amended enables Baron to acquire a 15% interest in the IMSL project for a payment of £1,536,498.

Commenting on the Agreement, Andrew Hindle, CEO of InfraStrata said:

“We are pleased to continue to be working with Baron to unlock the potential of the Islandmagee gas storage project. The Baron loan has facilitated the development of a key piece of gas infrastructure and whilst now repaid in full the amendment affords Baron the continued and extended option to participate in the project. As previously updated at the end of June 2016, the Company is continuing a process to seek new investors for Islandmagee over the summer months to enable the project to proceed through to a Final Investment Decision, targeted for 2017.”

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30 June 2016 - Islandmagee signs new EU Grant Agreement PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce it has now concluded a grant agreement with the European Commission under the Connecting Europe Facility (“CEF”) for 50%, up to a maximum of €4.024 million, of the costs associated with the Front End Engineering & Design (“FEED”) for its Islandmagee gas storage project (the “Project”) under development in County Antrim, Northern Ireland.

The Project is being developed in a joint venture between InfraStrata (65%) and local energy infrastructure company Mutual Energy Limited ("MEL") (35%).

The Company is working with MEL and advisers, as part of an ongoing process announced in March 2016, to secure the new investors who will take this strategically important project through to a Final Investment Decision, targeted for 2017.

The Company is focused on delivering the best outcome for its shareholders by securing new investors over the summer months to enable the FEED to proceed as programmed and to meet other project commitments as they fall due, including land option payments, adviser and project management costs. Discussions are ongoing with interested parties and further updates will be provided as appropriate.

As previously stated, InfraStrata has sufficient cash resources to cover its anticipated project management and administrative expenditure to the end of December 2016.

Commenting, Andrew Hindle, CEO of InfraStrata said:

“We are delighted by the continuing support of the European Commission's CEF programme for the Islandmagee gas storage project. The project will be important for years to come in providing security to gas and electricity supplies on the island of Ireland, in Great Britain and the wider European networks.

The grant support is available by virtue of the project’s Project of Common Interest (“PCI”) status afforded by the European Union and recognising the importance of the project to European energy security. In the context of the island of Ireland, the Project, as well as providing security of gas supplies, will support gas-fired power generation back-up for the roll-out of increased intermittent renewable power generation across the island and thereby help the UK and Ireland meet their carbon reduction targets.

The Company considers that it is premature at this time to make any statement on any longer term impact on the project’s PCI status in the context of the UK referendum result on 23 June and we will continue to engage with the European Commission on the progression of the FEED programme and the project’s development as before.”

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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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