RNS Releases
26 January 2016 - Result of AGM, Placing update and total voting rights PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce that at the Company’s annual general meeting (“AGM”) held today, all resolutions put before the meeting were duly passed.

Accordingly, further to the placing announced on 18 December 2015 and following the passing of resolutions 5 and 6 (granting the Directors authority to issue and allot new ordinary shares otherwise than on a non-pre-emptive basis), the Company will today allot 17,170,000 new ordinary shares of 1p each (the "Second Placing Shares"), subject to the admission of the Second Placing Shares to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings will commence in the Second Placing Shares on or around 27 January 2016.

As a result of the Placing, following Admission the Directors' shareholdings in the Company will be as follows:

Director Shares %
Kenneth Ratcliff 154,000 0.08
Andrew Hindle 9,737,625 5.18
Stewart McGarrity 1,000,000 0.53
Anita Gardiner
Maurice Hazzard 69,326 0.04

Total voting rights

Following Admission, the Company's total issued ordinary share capital will consist of 188,041,599 ordinary shares of 1p each ("Ordinary Shares"). No Ordinary Shares are held in treasury and therefore the number of Ordinary Shares with voting rights will be 188,041,599. This is the figure that should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

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22 January 2016 - Islandmagee receives further EU Grant Funding PDF Print E-mail

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

The list of projects recommended for co-funding will be recommended for adoption by the European Commission in the coming weeks. The grant will also be subject to the conclusion of a grant agreement in due course.

This announcement1 by the European Commission is part of a proposal to invest €217 million in key trans-European energy infrastructure projects. A total of 15 projects were selected following a call for proposals under the CEF, a European Union (“EU”) funding programme for infrastructure.

The selection of these projects recognises their important contribution to the overall increase in energy security across the EU as well as the integration of renewables in the EU-wide energy networks.

The Islandmagee project is being developed in a joint venture between InfraStrata and local energy infrastructure company Mutual Energy Limited.

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

“We are delighted that the benefits of this gas storage project have been further recognised by the European Union by inclusion of the project in a list of 15 projects with approval for additional grant funding. This follows the €2.5 million grant for the drilling of the Islandmagee-1 well and subsequent testing and engineering work in 2015.

We are looking forward to working with the CEF in the coming weeks following the formal adoption of the project list by the European Commission. ”

Note 1 : Website link

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19 January 2016 - Update on Woodburn Forest-1 well and its funding PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce that a series of Farmout Agreements (“FOA”s) have been entered into by InfraStrata and Brigantes Energy Limited (“Brigantes”), both together and separately, which together will result in completion of the funding for the planned Woodburn Forest-1 well in Northern Ireland if the conditions of the FOAs set out below are satisfied. In addition an Escrow Agreement has been signed by all new investors and existing partners in the project whereby the funds for drilling the well in H1 2016 are being transferred to an account being administered by the Company’s solicitors, Fieldfisher LLP.

On 16 November 2015 the Company announced that together with Brigantes it was seeking to farmout a 60% interest in Northern Ireland Petroleum Licence PL1/10 (“PL1/10”) to pay the outstanding 80% required to complete the funding of the Woodburn Forest-1 well. At the same time the Company announced it had signed a farm-in agreement with Ermine Resources Limited (15% interest). The additional new investors that have now entered into FOAs for the remaining 45% are Tudor Hall Energy Limited (10%), Baron Oil Plc (10%), Southwestern Resources Limited (16%) and Petro River UK Limited (9%). All the parties are expected to acquire corresponding interests in the adjacent offshore Petroleum Licence P2123 (“P2123”)for paying the costs attributable to that interest from the commencement of the licence term in December 2013.

In order to facilitate the FOAs, the Company has also signed a Supplemental Sale and Purchase Agreement (“Supplement”) with Brigantes, replacing the outstanding obligations under a Sale and Purchase Agreement, signed and previously announced on 18 March 2013. Under the Supplement there will be a transfer of a 5% interest in PL1/10 from Brigantes to InfraStrata, a 10% interest from InfraStrata to Brigantes in P2123 and the payment of £86,459 cash from Brigantes to InfraStrata.

All these licence interest assignments will be subject to the approval of the Department of Enterprise, Trade and Investment (“DETI”) for PL1/10 and the Oil and Gas Authority (“OGA”) for P2123.

Following the signature of the FOAs and Supplement, and subject to DETI approval, the Woodburn Forest-1 and PL1/10 licence interests will become:

Company Current Licence Interest Interest to be assigned from InfraStrata Interest to be assigned from Brigantes New Licence Interest
InfraStrata plc (operator) 45% -30% 5% 20%
Brigantes Energy Limited 45% -35% 10%
Terrain Energy Limited 10% 10%
Ermine Resources Limited 10% 5% 15%
Tudor Hall Energy Limited 10% 10%
Baron Oil plc 10% 10%
Southwestern Resources Limited 16% 16%
Petro River UK Limited 9% 9%
Total 100% 100%

A condition precedent of the Escrow Agreement and FOAs is that the well is drilled during the first half of 2016. To achieve this several factors need to be met, including securing the drilling rig and other contractual arrangements which are expected to be put in place in the next few weeks.

The Company also announced on 16 November 2015 that as part of sale and purchase agreements with Corallian Energy Limited (“Corallian”) (the “Corallian SPA”), and subject to the Woodburn Forest-1 well being fully funded (as now provided by the Escrow Agreement and FOAs) and proceeding as planned, 10% of InfraStrata’s remaining interest in PL1/10 and P2123 would be assigned to Corallian, subject to DETI and OGA approval, in return for a further payment to InfraStrata by Corallian of £300,000 in cash. This payment must be received before the commencement of drilling operations, and after making enquiries with Corallian, it is expected that the funds will be available to complete the transaction as planned.

Assuming all agreements (the FOAs, Escrow Agreement, Supplement and Corallian SPA) become unconditional and proceed as announced and anticipated, InfraStrata will retain a 10% operated interest in PL1/10, carried through the Woodburn Forest-1 well.

A prospectivity review of the PL1/10 licence in Northern Ireland was prepared by project geoscience consultants Merlin Energy Resources Limited (“Merlin”) in 2013 and published on the Company’s website (www.infrastrata.co.uk). Merlin identified combined un-risked P50 prospective resources on the PL1/10 licence in the Triassic and Permian sandstone reservoir intervals of over 450 million barrels of oil (“mmbo”), of which 25 mmbo were ascribed to the first target Woodburn Forest prospect.

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

“This is the culmination of 5 years of hard work by InfraStrata and its joint venture partners. Work commenced on PL1/10 in 2011 with the acquisition of the first of two seismic surveys. The technical evaluation of the area has confirmed the presence of numerous prospects within the Larne-Lough Neagh Basin of Northern Ireland. There are three target conventional sandstone reservoir intervals, the Triassic Sherwood, Permian Lower Permian Sandstone and Carboniferous Sandstones.

With Northern Ireland dependent upon imported oil and gas, the development of an oil and gas industry could have a very positive impact on its economy. The drilling activity itself generates income for the local economy. InfraStrata estimates that the drilling of a deep borehole, Islandmagee-1, for its gas storage project in 2015 resulted in approximately £800,000 invested with local services and contractors. The Company expects a similar positive impact for the Woodburn Forest-1 well.

We now look forward to working with local stakeholders to complete the pre-drilling arrangements and then drilling the well with the minimum impact to local residents. ”

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31 December 2015 - Total Voting Rights PDF Print E-mail

InfraStrata (AIM:INFA), the independent petroleum exploration and gas storage company, announces that the issued share capital of the Company at the date of this announcement comprises 170,871,599 ordinary shares of 1 pence, each with one voting right. The Company does not hold any ordinary shares in treasury. Therefore the total number of ordinary shares and voting rights in the Company is 170,871,599.

The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.

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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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