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30 April 2012 - Interim results for the six months ended 31 January 2012 |
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InfraStrata plc (AIM:INFA) the independent gas storage and petroleum exploration company today announces its unaudited interim results for the six months ended 31 January 2012.
Overview and highlights
• BP Gas Marketing Limited granted an option to acquire a 50.495% interest in Islandmagee Storage Limited in return for funding the next phase of the project development.
• Determination of the Islandmagee gas storage project planning application is expected during 2012.
• Initial seismic survey completed in County Antrim with encouraging leads identified. Decision taken to acquire further seismic data to identify a suitable location for drilling the first exploration well.
• Planning permissions and various consents for the Portland project have been either implemented or renewed where necessary.
• Interest offered in an exploration licence over Blocks 97/14, 97/15 and 98/11 in UK 26th Offshore Licensing Round.
• Following a refocusing of eCORP’s European operations, agreements are being negotiated to restructure their interests in the Portland project, and the 26th Round offshore petroleum licence.
• The Portland gas storage project intends to submit a bid in the Carbon Capture Storage Commercialisation Programme of the Department of Energy and Climate Change.
• Post interim period end, a placing of 12,727,273 new ordinary shares at 11p per share raised £1,400,000 before expenses to facilitate the unlocking of the inherent value of the Company’s projects.
• Loss for the six month period ended 31 January 2012 of £1.18 million (2011 - profit £2.30 million), after non-cash share of loss of joint venture and associates.
• Basic and diluted loss per share – 1.51p (2011 profit – 3.12p). Continuing basic and diluted loss per share – 1.51p (2011 loss – 0.71p).
• Cash position inclusive of cash allocated to discontinued operations - £0.6 million (31 July 2011 - £0.8 million, 31 January 2011 - £0.6 million).
• Net asset position - £28.1 million (31 July 2011 - £28.8 million, 31 January 2011 - £25.9 million).
Commenting on the outlook, Andrew Hindle, Chief Executive, said:
“Unlocking the inherent value of the Company’s four projects during the coming 12 months is management’s primary objective.
It is expected that the Islandmagee gas storage project will be awarded planning permission and the first well drilled. The additional seismic data acquisition in Antrim will be completed and the data processed and interpreted leading to the drilling of an exploratory well.
In Southern England the review of existing seismic data will be completed and a new project programme for the Portland Project put into place.”
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10 April 2012 - Holding in Company |
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InfraStrata plc was informed on 10 April 2012 that Mr Mark Abbott has a beneficial interest in 6,294,806 Ordinary Shares in the Company which, following the recent placing, represents 6.92 per cent of the issued and voting share capital of the Company.
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26 March 2012 - Further seismic acquisition in Northern Ireland |
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InfraStrata plc (AIM:INFA), the independent gas storage and petroleum exploration company, is pleased to announce that Tesla Exploration International Limited (“Tesla”) will be undertaking a further infill seismic programme over petroleum licence PL1/10 during June 2012.
The decision to undertake the new survey was taken after completion of the interpretation of 288 kilometres of 2D Vibroseis seismic data acquired during 2011. The PL1/10 partners are very encouraged by the identification of several large leads. The new seismic programme will comprise 100 kilometres of 2D Vibroseis data to refine the structural interpretation over the high-graded leads, and identify a suitable location for drilling the first exploration well.
Commenting on the new survey, Andrew Hindle, CEO of InfraStrata plc said:
“Although it was anticipated that we would confirm a thick sedimentary sequence within the Larne-Lough Neagh Basin, the challenge before the 2011 survey was to design a programme to successfully image below the Tertiary basalt, which is at the surface over the majority of the licence area. We have managed to achieve this and confirm that the structural style is similar to our analogue, the East Irish Sea Basin.
The primary objectives are sandstone reservoirs within the Triassic and Permian sequences, each overlain by saliferous sealing intervals.
We look forward to working with Tesla and local stakeholders to refine the interpretation and progress the project towards the drilling of our first exploration well.”
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22 March 2012 - Notification of Results |
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InfraStrata plc (AIM:INFA) the independent gas storage and petroleum exploration company today announces that its Interim Results for the six months ended 31 January 2012 will be released on the 30 April 2012.
An analyst meeting will be held at 9.30am on 30 April 2012 at Buchanan, 107 Cheapside, London, EC2V 6DN.
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12 March 2012 - Directors Holdings in Company |
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InfraStrata was informed today that as a result of Mr Walter Roberts’s younger daughter achieving her majority, her shareholding is no longer to be counted as part of Mr Roberts's beneficial shareholding. Accordingly, although these shares have not been sold, Mr Roberts's beneficial shareholding is reduced by 12,500 ordinary shares to 1,132,378 ordinary shares, representing 1.24% of the issued and voting share capital of the Company.
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