RNS Releases
25 August 2015 - Northern Ireland Exploration Update PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is today providing an update on its activities on Petroleum Licence PL1/10 in Northern Ireland.

All the regulatory approvals and other permits, including the site lease, are now in place for drilling the Woodburn Forest-1 well this coming winter. The timing for the drilling is dependent upon securing a drilling slot for the rig and completing the funding. With regard to funding, it is disappointing to report that Larne Oil and Gas Limited (“Larne”), who exercised an option to acquire an interest in the project in September 2014, have run into funding difficulties and will no longer be participating in the project. The licence interest for InfraStrata will therefore revert to the prefarmout 45% level with a 15% working interest carried by existing partners Terrain Energy Limited and Brigantes Energy Limited. InfraStrata also holds a 50% beneficial interest in adjacent offshore licence P2123.

Whilst the terms of Larne’s exit are being resolved, the partners are currently in discussions with a number of parties to secure approximately £2.8 million to complete the funding of the well such that it can be drilled this winter.

The PL1/10 group has also entered into a Data Exchange Agreement with Islandmagee Storage Limited (“IMSL”), a company 65% owned by InfraStrata. Under the terms of the agreement the PL1/10 group has agreed to share the data from the 2D seismic survey it acquired in 2012, which includes data over the wider Islandmagee area, and future data from the proposed Woodburn Forest-1 well in return for access to the data from the Islandmagee-1 well drilled by IMSL. Of particular interest to the PL1/10 group are gas shows encountered in the Permian Magnesian Limestone below the Permian salt sequence in the Islandmagee-1 well. In addition, wireline data over the Triassic Sherwood Sandstone interval in the Islandmagee-1 well confirmed the good reservoir at this stratigraphic level over the area. The sharing of well engineering data will benefit both projects.

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

“Whilst we are disappointed that Larne will no longer be participating in the project, significant progress has been made in recent months towards drilling the first exploration well on the PL1/10 licence area in over 40 years. The lower costs of onshore operations mean that onshore projects are expected to remain profitable at lower oil prices if they were to persist. The Company remains fully committed to the Woodburn Forest-1 well, and is actively pursuing a number of options to secure alternate funding for it to be drilled as soon as is practicable.

The recent Islandmagee-1 well was successfully drilled by InfraStrata for Islandmagee Storage Limited and yielded useful additional data on the deep geology of the area. The post Islandmagee-1 well engineering programme remains on time and budget for a November 2015 completion.

The Woodburn Forest Prospect has three conventional sandstone reservoir targets in the Triassic, Permian and Carboniferous. Combined Prospective Resources for the Triassic and Permian reservoirs have been estimated by the joint venture at 40 million barrels of oil.

Should oil and gas exploration be successful it would be strategically important for energy security, infrastructure investment and the wider economy in Northern Ireland, whilst also providing wider benefits for the rest of the UK and Ireland. At present, 100% of Northern Ireland’s oil and gas is imported. In Northern Ireland oil and gas accounts for approximately 90% of total final energy consumption. Oil and gas production would have a positive impact on local and national industry, with local job creation and other economic benefits..”

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18 June 2015 - Results of Islandmagee-1 well PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce that drilling and data gathering operations have been concluded at the Islandmagee-1 well in Northern Ireland.

The well was drilled to a total depth of 1,753 metres.

The objective of the well was 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.

The first element of the work has met its objectives with the well encountering 185.8 metres of Permian salt. Core samples have been sent to Germany for analyses to be undertaken.

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 very pleased that the first phase of the 2015 work programme has confirmed expectations and been completed successfully and safely. We now look forward to completing the remaining work over the coming months.”

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18 June 2015 - Licence P1918 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 activities on Petroleum Licence P1918 (“P1918”), offshore Dorset. In October 2014, the Company announced that together with joint venture partners Corfe Energy Limited (“Corfe”) and Brigantes Energy Limited (“Brigantes”), it had signed a farm-in agreement with Southwestern Resources Limited (“Southwestern”) with respect to offshore Dorset licence P1918 (the “Agreement”).

Under the terms of the Agreement, Southwestern was granted the rights to a 10% interest in P1918 in return for funding the reprocessing of existing 3D seismic data and acquiring new 2D seismic data. Following the agreement InfraStrata’s interest in the licence was 54.00%, with a further net interest of 14.40% via its shareholdings in Corfe and Brigantes.

Good progress has been made with the Pre-stack Depth Migration reprocessing of two offshore 3D seismic surveys in the north of Block 98/11 acquired during 1992 and 1999, with delivery of final products expected by the end of June 2015. The reprocessing of the data has focused on the undeveloped Colter, Old Harry and Ballard Point discoveries. The largest of these, the Colter Prospect, is located within a fault block immediately to the south of the giant Wytch Farm oilfield. The 98/11-3 well was drilled on the prospect in 1989 by Gas Council (Exploration) Ltd and encountered a 10.5 metres vertical oil column in the Sherwood Sandstone with an oil-water-contact at a depth of 1,739 metres sub-sea. Reservoir quality is very similar to that observed in Wytch Farm.

Permitting is nearing completion for the 2D seismic acquisition over the Purbeck Prospect where the Company has planning permission to drill a well, California Quarry-1, from onshore to offshore within P1918. However, due to a seasonal restriction it will not be possible to acquire the data until August 2015 at the earliest.

A well is required to be drilled by February 2016, the end of the first term of the licence, to retain P1918 into its second term. However, as the Company explained in its Interim Report in April 2015, InfraStrata will not be able to commit to a drilling rig for California Quarry-1 to test the Purbeck Prospect until the 2D seismic has been acquired, processed and interpreted. In addition, the proposed California Quarry-1 well is an onshore to offshore well and it is necessary for the area from which a well is drilled to be held under a petroleum licence, either by InfraStrata or by a third party. This will need to await the results of the 14th Landward Licensing Round, which is expected to be announced later this year. These factors mean that it will not now be possible for the well to be drilled before the February 2016 deadline. With this in mind, the JV group will be seeking an extension to the initial term of the licence.

Under the Agreement, Southwestern was granted an exclusive option until July 2015 to acquire a further 65% interest (75% in total) from InfraStrata and partners on a pro-rated basis by funding 100% of the costs of an offshore exploration well in the P1918 licence (the “Offshore Option”). If the Offshore Option were exercised, InfraStrata’s net interest in P1918 would be 19%, with its costs carried through the drilling of the well. If Southwestern were to elect to drill the cheaper onshore to offshore well, California Quarry-1, they would have been granted a further 40% interest rather than 65%.

Given the delays to the project and the need to be granted an extension for the initial licence term, InfraStrata and partners have signed a new binding Heads of Terms Agreement (“Terms”) with Southwestern. Under the Terms, the value of the initial carried work programme has been reduced to $400,000 (approximately £260,000) from the originally agreed £500,000. The revised sum will cover the cost of the ongoing seismic reprocessing work and the new seismic acquisition. The new seismic acquisition is contingent on being granted an extension to the licence period. The Terms also simplify the option rights for Southwestern to increase its interest in the licence: the option exercise period has been extended to the end of April 2016 and in the event that Southwestern elect to drill the California Quarry-1 well first on licence P1918, as with the Offshore Option, their interest would increase by 65% to 75% and they will carry InfraStrata, Corfe and Brigantes for their combined 25% interest through this well and if a second well is drilled on the licence, the carry would also now extend to this well.

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

“Good progress has been made with the further evaluation of the prospectivity on P1918. We have been developing a wider exploration strategy for the Dorset area with partners and will provide a further update over the Summer on those activities as well as hopefully confirm an extension of the licence term to enable an exploration well to be drilled in 2016.”

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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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