RNS Releases
01 December 2014 - Appointment of Joint Broker PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce that it has appointed VSA Capital Limited as its joint broker, alongside Arden Partners plc, with immediate effect.

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26 November 2014 - Islandmagee receives Approval for EU Grant Funding PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce its gas storage project under development at Islandmagee in County Antrim has received approval from the European Union for grant funding of up to 50% of the €5 million cost for a data gathering well to obtain cores of the salt sequence and undertake further engineering design work.

This approval was formally ratified by the European Commission on the 21 November. Grant funding will be subject to finalising a grant agreement with the Connecting Europe Facility (a €50BN fund adopted in 2011 by the European Commission to make targeted investment in key infrastructure projects in transport, energy and digital networks).

This announcement1 by the European Commission is a major boost to the €340 million project which was one of 248 projects to receive Project of Common Interest (“PCI”) status from the European Union in October 2013. It recognises Islandmagee as a key energy infrastructure project bringing benefits not only to the Member State in which it is located but to a wider area. As a PCI project, Islandmagee should also benefit from faster and more efficient permit granting procedures and improved regulatory treatment.

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

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

“We are delighted that the outstanding benefits of this gas storage project have been recognised by the European Union by inclusion in this list of 34 projects with approval for grant funding, demonstrating the contribution this project can make to energy security and system flexibility in Northern Ireland, Ireland, and in Great Britain. We are looking forward to working with the Connecting Europe Facility over the coming weeks to undertake the process of finalising the grant agreement.”

Note -1: Website link: http://ec.europa.eu/energy/infrastructure/pci/pci_en.htm

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20 November 2014 - Notification of Results PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, today announces that its final results for the year ended 31 July 2014 will be released on Tuesday, 2 December 2014.

An analyst meeting will be held at 9.30am on Tuesday, 2 December 2014 at the office of Buchanan, 107 Cheapside, London, EC2V 6DN.

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10 November 2014 - 28th Round Licence Award PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce that, together with joint venture partner Carstone Exploration Limited (“Carstone”), the Company has been offered block 3/11a by the Department of Energy and Climate Change in the UKCS 28th Seaward Licensing Round. InfraStrata will be the Operator with a 50% interest. The partners intend to accept the offer for the block under the terms of a promote exploration licence where a drill-or-drop decision is required within the first two years of the licence period.

The block contains the undeveloped Oulton oil discovery (3/11-1 and 1ST) estimated to contain approximately 16 million barrels of recoverable oil. The discovery was made over 40 years ago by Amoco, and flowed in excess of 1000 barrels of 41 degrees API oil per day on test from Jurassic Emerald sandstones. InfraStrata believes that the use of modern offshore technologies combined with access to nearby infrastructure will enable Oulton to be successfully developed in the near future.

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

“We are very pleased with this success in the round. It is the first project which has resulted from our exploration new venture partnership with Carstone, announced in April this year. It marks the beginning of a new phase in building our exploration portfolio. We will be working together with Carstone to introduce one or more partners into the project to fund the next stage of the block evaluation and ultimately the drilling of a new well to appraise the discovery and classify the resources. This is consistent with InfraStrata’s strategy of funding drilling via farmouts.”

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30 October 2014 - Completion of drilling operations - Burton on the Wolds-1 exploration well PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, notes that Egdon Resources plc ("Egdon") has released an RNS providing an update in respect of the conventional Burton on the Wolds-1 exploration well. Corfe Energy Limited, a company in which InfraStrata has a 40% shareholding, holds a 12.5% interest in the well (InfraStrata net 5%).

Egdon's RNS contained the following information:

“Egdon Resources plc (AIM:EDR) announces the completion of drilling operations at the Burton on the Wolds-1 conventional exploration well in UK Onshore Licence PEDL201 in Leicestershire.

The Burton on the Wolds-1 well was spudded on 18 October 2014 and reached a total depth of 1086 metres on 28 October 2014. The well penetrated only thin sands in the primary reservoir objective, the Rempstone Sandstone group, while the deeper secondary objective was encountered as non-reservoir rock.

Electric wireline logs have now been acquired in the well. Although weak hydrocarbon shows were observed while drilling through the Rempstone sands, interpretation of the log data indicates the thin sands to be water bearing.

The well is currently being plugged before the drilling rig is released from contract and, in due course, the well-site will be restored to its original condition as agricultural land.

The interests in Licence PEDL201 and the Burton on the Wolds-1 well are:

Egdon Resources U.K. Limited (operator) 32.5%
Celtique Energie Petroleum Limited 32.5%
Terrain Energy Limited 12.5%
Corfe Energy Limited 12.5%
Union Jack Oil 10.0%

Egdon will now use information gained from Burton on the Wolds-1 to evaluate the remaining prospectivity of the acreage held under licence PEDL201.”

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