RNS Releases
17 June 2015 - Appointment of Nominated Adviser and Joint Broker PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce the appointment of Allenby Capital Limited as Nominated Adviser and Joint Broker to the Company with immediate effect.

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15 June 2015 - Notification of Major Interest in Shares PDF Print E-mail
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21 May 2015 - Notification of Major Interest in Shares PDF Print E-mail
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18 May 2015 - Commencement of drilling operations Islandmagee-1 salt well PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce the commencement of drilling operations at the Islandmagee-1 well in Northern Ireland.

The Islandmagee-1 well began drilling ("spudded") at 18:00 hours on 15 May 2015.

Drilling operations are expected to take around 5 weeks. The well will be drilled to a total drilled depth of approximately 1,700 metres.

The objective of the well is to confirm the feasibility of the development of an underground gas storage facility in salt caverns, by obtaining wireline data and core samples of the Permian salt to undertake laboratory analyses, including rock mechanical tests, to further define the design parameters and cost estimate for the project.

These results will enable the project developer, Islandmagee Storage Limited (InfraStrata 65% shareholder), to complete this phase of work in Q4 2015.

The costs of this 2015 work programme are being funded 50% by the European Commission under their Connecting Europe Facility.

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

“We are pleased to report commencement of the drilling of the well at Islandmagee and look forward to updating shareholders with the initial results from the well at the end of June. The analysis of the Permian salt is an integral part in the development of the gas storage project. The project is recognised on a European level as a strategically important asset that will improve the security of supply and increase the flexibility available in the gas markets in Great Britain, Northern Ireland and the Republic of Ireland and enable greater interconnectivity across these three neighbouring markets, whilst supporting the achievement of national renewable and carbon reduction targets.”

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01 May 2015 - Convertible Loan Facility Agreement signed with Baron Oil Plc PDF Print E-mail

The Board of InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce that it has signed an 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, Baron is providing a loan for €1.8 million to InfraStrata. These funds will be used as working capital to bridge the receipt of the European Commission grant, 70% of which (€1.8 million) will be received on completion of the 2015 work programme. The programme includes the drilling of the Islandmagee-1 well, expected to commence drilling in May 2015. The loan is subject to an interest rate of 8% of the funds drawn down and is repayable by 1 May 2016. Baron has the right to extend the loan period until 31 December 2016.

Baron has an accompanying option to convert the balance into an equity participation of 15% of the share capital in subsidiary Islandmagee Storage Limited (“IMSL”). IMSL is the developer of the 500 million cubic metre natural gas storage project on Islandmagee. Should the option be exercised, the equity would be provided pro-rata by InfraStrata and its project partner, Moyle Energy Investments Limited (”Moyle”) which would give rise to a revised participation in the Islandmagee Storage Project as follows:

InfraStrata 55.25%
Moyle 29.75%
Baron 15.00%

In addition, InfraStrata and Baron have commenced discussions on a possible participation by Baron in the forthcoming Woodburn Forest-1 well in Petroleum Licence PL1/10 in Northern Ireland.

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

“We are delighted to be working with Baron Oil to unlock the potential of the Islandmagee gas storage project. Baron is facilitating the development of a key piece of infrastructure for Northern Ireland, with strategic importance to the wider island of Ireland and Great Britain. The grant agreement with the European Commission has now been signed and we are eagerly anticipating the drilling of the Islandmagee-1 well to obtain cores of the Permian salt very shortly, the realisation of many years work by a dedicated team.”

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