RNS Releases
18 December 2015 - Proposed placing to raise up to 450,000 PDF Print E-mail

InfraStrata (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce a placing to raise up to £450,625 (before expenses) through the issue of up to 36,050,000 new ordinary shares of 1p each (“Placing Shares”) at a price of 1.25 pence per Placing Share (the "Placing") in two tranches.

The Placing was conducted by Allenby Capital Limited (“Allenby Capital”) and the Placing Shares have been placed with institutional and other investors, including existing shareholders and the Company’s CEO. Of the funds raised, £214,625 is conditional, inter alia, on the approval of shareholders at the Company’s annual general meeting on 26 January 2016 (“AGM”) of resolutions to provide authority to the Directors to issue and allot further new ordinary shares otherwise than on a non-pre-emptive basis, further details of which are set out below.

The net proceeds of the Placing, which will be approximately £420,000, will be used to support the working capital requirements of the Company as it progresses work to monetise the Islandmagee gas storage project in the first half of 2016. The net amount raised under the Placing is expected by the Directors to provide the short-term working capital required to reach their monetisation goal whilst seeking to minimise dilution to existing shareholders, but the Directors will keep the Company’s funding requirements under review as the project progresses.

Commenting on the placing, Andrew Hindle, the CEO of InfraStrata plc said:

“We welcome the support of existing and new institutional and private investors in the placing. The placing proceeds, together with existing funds, are expected to meet the Company’s shortterm working capital requirements to support the monetisation of the Islandmagee project. The Company will work with its project partner, Mutual Energy Limited, to seek the necessary investment to enable the gas storage project to proceed to full construction. The process will commence in the New Year with the appointment of advisers to assist the Company with a review of the best options, in order to secure the maximum value for InfraStrata shareholders as soon as possible.”

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17 December 2015 - Posting of Annual Report PDF Print E-mail

InfraStrata plc is pleased to advise that the Annual Report and Financial Statements for the year ended 31 July 2015, which includes a notice of the Annual General Meeting (“AGM”), is now available on the Company's website, www.infrastrata.co.uk, and will be posted to shareholders tomorrow. The AGM will be held at 11.30 a.m. on 26 January at the offices of Allenby Capital Ltd, 3 St Helen’s Place, London EC3A 6AB.

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08 December 2015 - Final results for the year ended 31 July 2015 PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce its final results for the year ended 31 July 2015.

Overview and highlights

Islandmagee Gas Storage Project – County Antrim

  • Concluded a grant agreement with European Union’s Connecting Europe Facility for €2.5million (£1.9m) being 50% of the cost of a £3.8 million salt core programme of work comprising the drilling of a well to obtain salt cores and subsequent testing and engineering work.
  • Salt core programme was completed on time and within budget and reporting back to the European Commission is imminent.
  • Feasibility phase of project has now addressed all key technical risks and InfraStrata will now progress the monetisation of the de-risked project in early 2016.
  • European Union grant was available by virtue of the projects designation as a Project of Common Interest (“PCI”) which was renewed for a further two years in November 2015 – the only gas storage project in NW Europe to have this designation. As a PCI the project benefits from accelerated permitting procedures, improved regulatory conditions and continued eligibility to apply for financial support from the European Union.
  • InfraStrata retains a 65% interest in the project reducing to 55.25% should Baron Oil plc exercise their option to acquire a 15% interest in the project.

Oil & Gas Exploration

  • Secured Consent to Drill for Woodburn Forest-1 well on PL1/10 in County Antrim. Design and procurement of the well is substantially complete in anticipation of drilling in H1 2016 following completion of funding arrangements.
  • InfraStrata with partner Brigantes seeking to farm out a combined 45% interest in the licence to complete the 60% outstanding funding for the well.

Divestment of Exploration Assets

  • In November 2015 disposed of substantially all of the Group’s exploration interests, including shareholdings in associated companies Brigantes Energy Limited and Corfe Energy Limited to Corallian Energy Limited.
  • Immediate cash receipt of £240,000 with a further £300,000 contingent upon the completion of the funding of the Woodburn Forest-1 well on licence PL1/10. Consideration also includes Net Profits Interest instruments in assets sold providing upside in the event of successful exploration but without a commitment to pay future exploration costs on the assets sold.
  • InfraStrata expects to retain a 10% interest in the PL1/10 licence fully carried through the Woodburn Forest-1 well.
  • Primary focus of InfraStrata’s business going into 2016 is the Islandmagee Gas Storage project in County Antrim and the monetisation of our interest in the project.

Financial

  • Loss for the year ended 31 July 2015, £6,106,070 (2014: loss £1,246,701) after making impairments of £6,072,785 to reflect the cash proceeds from the exploration asset divestments.
  • No value ascribed to Net Profit Interests retained in exploration assets – but they provide upside in the event of exploration success.
  • Cash cost of project management and company administration for the year ended 31 July 2015 £1,065,161 (2014: £1,126,482). Following further salary reduction and other cost savings annualised project management and company administration costs now running at less than £800,000, before any recoveries as licence operator.
  • Capital costs of Islandmagee storage project during the year £3,663,514 funded by proceeds from £2.1million placing completed in February 2015 and a €2.5 million grant from the European Union.
  • €1.8 million loan facility (£1 million drawn at 31 July 2015) from Baron Oil plc to bridge payment profile on European Union grant – convertible to 15% interest in Islandmagee Storage Limited.
  • Cash and cash equivalents at 31 July 2015 £430,199 (2014: £1,648,955)
  • Appointment of Allenby Capital Limited as Nominated Advisor and joint broker.

Commenting on the results and outlook, Andrew Hindle, CEO of InfraStrata plc said:

" The successful drilling of the Islandmagee salt core well and subsequent testing and design development is testament to our ability to deliver on time and within budget. With the European Union’s Project of Common Interest designation renewed for a further two years we are now firmly focused on delivering the best outcome for our shareholders’ investment in the project.

We are committed to the drilling of the Woodburn Forest-1 well in County Antrim and expect to have a 10% interest in the licence fully carried through the well providing potentially material upside for shareholders in the event of success. The divestment of our other exploration assets has provided clarity for InfraStrata shareholders with the future focus on Northern Ireland where we have built up strong stakeholder relationships over 9 years of operations on our projects in County Antrim."

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30 November 2015 - Notification of Final Results PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, advises that it will be announcing its final results for the year ended 31 July 2015 on Tuesday, 8 December 2015.

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27 November 2015 - Islandmagee Update PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to provide an update on its Islandmagee gas storage project.

In the Company’s update announcement on 4 September on the 2015 programme of work, InfraStrata confirmed that following successful drilling of the Islandmagee-1 data gathering well to obtain core samples of the Permian Salt and wireline data, all end of well reports had been finalised and the initial results from the laboratory testing on the cores were encouraging and being used by InfraStrata’s engineering team to update the facility design and costs estimates.

Test results on the salt cores and rock mechanics have now been incorporated into the preliminary design of the subsurface and surface facility and cost estimates for the project have been updated.

InfraStrata is therefore pleased to confirm that with the finalisation of this work, the five stages of the £3.8 million programme of work have been successfully completed, on time and within budget. The overall results from the technical programme of work are positive and the objective to confirm the feasibility of the development of an underground gas storage facility in salt caverns in this location has been met.

The thickness and depth of the Permian Salt were both within 10% of pre-drill estimates. The Permian Salt average thickness over the area of the proposed gas storage caverns is approximately 200 metres to a depth of approximately 1,300 metres sub-sea. The rock mechanical properties of the salt determined from the core data are in line with data for Permian Salt at other locations across northern Europe where caverns for gas storage have been constructed and are in operation.

The successful completion of the programme is a major milestone for the project and InfraStrata can now commence the monetisation process to attract investors into the project to take it through to detailed design and on to full construction.

In addition, InfraStrata is pleased to announce that the status of the Islandmagee gas storage project as an EU Project of Common Interest (“PCI”) was reconfirmed recently with the adoption of the latest PCI list by the European Commission on 18 November 2015. The list of PCIs is reviewed and updated every 2 years and continued inclusion is a significant boost for the project. Islandmagee is the only gas storage project in northwest Europe to be awarded PCI status.

Under PCI rules, PCI projects benefit from accelerated permitting procedures and improved regulatory conditions and are also eligible to apply for financial support from the Connecting Europe Facility (“CEF”). A budget of €5.35 billion has been allocated under CEF for 2014-20 to help PCIs be implemented faster and make them more attractive to investors. As an existing PCI, InfraStrata, on behalf of the project company Islandmagee Storage Limited (“IMSL”), successfully applied in 2014 for a €2.5 million grant to support its 2015 programme of work and IMSL will continue to seek to utilise the benefits PCI status brings to the project including further applications for financial support, where appropriate.

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

“We are very pleased with the outcome of the programme of works which will enable InfraStrata to move forward with the monetisation phase. This process should be helped by the confirmation that Islandmagee gas storage has been reconfirmed as a PCI, which not only underlines its strategic importance as a key energy infrastructure project at a European level, but also provides the potential to access further grant funding through CEF to assist with its development.”

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