RNS Releases
17 December 2014 - 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 2014 and AGM Notice have been posted to shareholders today. A copy of the document is also now available on the Company website (www.infrastrata.co.uk).

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16 December 2014 - Asset Exchange Agreement with Fyrd Energy 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 a binding Heads of Agreement for an Asset Exchange (“Agreement”) with Fyrd Energy Limited (“Fyrd”).

Under the terms of the Agreement, InfraStrata will acquire a 25% interest in UK Promote Licence P2235, recently offered to Fyrd in the Department of Energy and Climate Change (“DECC”) 28th Seaward Licencing Round. The assignment will be subject to DECC approval. In return, InfraStrata will assign its rights and intellectual property in the Portland project (excluding the gas pipeline construction authorisation and associated rights) to a new project company Integrated GeoRenewables (Dorset) Limited (“IGR”), managed by the principals of Fyrd, Alan Booth and Jon Taylor. InfraStrata will hold a 22.5% shareholding in IGR and be carried for the first £200,000 of expenditure by IGR. IGR will also be granted an option to acquire the gas pipeline rights from InfraStrata, in return for the Company being carried for a further £200,000 of expenditure by IGR.

IGR will seek to evaluate the potential to develop an integrated geo-renewable energy project with a hub in the Portland area of Dorset. There are already a number of renewable projects planned for the area (wind and tidal). IGR believes there is the potential to use the unique deep geology of the area to improve the efficiency of renewable generation, using such technologies as geothermal energy or compressed air storage. The existing sub-surface geological and engineering work (including deep drilling and seismic data), surface facilities engineering and environmental work undertaken by InfraStrata for its former planned gas storage project at Portland will have a significant value for IGR.

P2235 comprises Block 11/24b (part) and contains the Wild Boar Prospect, 3 kilometres North East of and structurally updip of the producing Lybster oilfield within the Moray Firth. Fyrd estimates that if successful the Minimum, Most Likely and Maximum Prospective Resources to be 10, 70 and 266 million barrels of oil (“mmbo”) respectively (net InfraStrata 2.5, 17.5, 66.5 mmbo respectively). The prospect lies close to the coast and there is the potential to drill an exploration well from onshore to offshore.

Andrew Hindle, the CEO of InfraStrata plc said:

“This transaction fits well with our strategy of acquiring front-end exploration opportunities. In this case we have been able to leverage access to the opportunity by securing value from our Portland project assets.

The exploration project is a high impact project for a company of InfraStrata’s size and widens our exposure to exploration opportunities in the UK. Two of InfraStrata’s existing projects involve onshore to offshore drilling, at Islandmagee and in Dorset, and so InfraStrata will be able to bring useful expertise and insights to the Joint Venture.

InfraStrata is also excited to be part of a new phase in developing opportunities in the Portland area, which could have material upside for the Company in the coming years.”

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02 December 2014 - Final results for the year ended 31 July 2014 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 2014.

Overview and highlights

Operational highlights

  • Three well programme - two exploration wells and one gas storage well, anticipated in 2015. Significant progress with funding of the wells with new partners in parallel with engineering, procurement and consenting activities.
  • Operated exploration programme targeting over 200 million barrels of oil (mmbo) prospective and unclarified contingent resources net to InfraStrata.
  • PL1/10 & P2123 (operator, onshore and offshore County Antrim)
    • Farmin terms with Larne Oil and Gas Limited now amended such that they will farmin for 33.33% i.e. two-thirds of their originally agreed 50%.
    • Partners now in discussion with various parties with regard to securing a new partner for the remaining 16.67% on terms similar to Larne.
    • InfraStrata direct interest in PL1/10 is 20.83% (27.5% including interests held by associated companies).
    • Targeting 165 mmbo net to InfraStrata. First well, Woodburn Forest, targeting 40 mmbo (11 mmbo net to InfraStrata) in conventional sandstone reservoirs.
    • Environmental reports and Application for Consent to Drill submitted to the Department of Enterprise, Trade and Investment (“DETI”) for the forthcoming exploration well. Site construction and drilling programme planned to commence during Q1 2015.
    • Offshore licence P2123 awarded to the PL1/10 group in December 2013, operated by InfraStrata, covering the offshore extension of the Larne-Lough Neagh Basin.
  • P1918 (operator, offshore Dorset)
    • Funding for 2015 seismic capture and reprocessing programme completed with the introduction of new partner Southwestern Resources Limited. InfraStrata direct interest in P1918 is now 54% (68.4% including interests held by associated companies).
    • Further options granted to Southwestern Resources Limited to fully fund either the California Quarry well or an offshore well in late 2015 which would reduce InfraStrata’s net interest to 38% or 19% respectively.
    • Targeting over 38 mmbo net to InfraStrata. Planning permission granted for a first onshore to offshore well, California Quarry, targeting 10 mmbo (6.8 mmbo net to InfraStrata) in conventional sandstone reservoirs.
  • Other exploration
    • Post year end secured a new development opportunity in the UK 28th Seaward Licensing Round where, together with partners Carstone Exploration Limited, we have been offered block 3/11a in the East Shetland Basin by DECC under the terms of a promote exploration licence.
    • Through associate company Corfe Energy Limited and Brigantes Energy Limited, InfraStrata has an interest in further onshore UK exploration activities.
  • Islandmagee Gas Storage project (County Antrim)
    • Success in securing European Commission grant funding (subject to conclusion of a formal grant agreement) for 50% of the cost of a £4 million programme of work comprising drilling a well to obtain a salt core sample and subsequent testing and engineering work.
    • Progressing this vital final step in the de-risking of the project in advance of a prospective Final Investment Decision requires securing the remaining 50% funding (c.£2 million) for the salt core well programme, either from direct investment in the project or by new InfraStrata equity fundraising.
    • Targeting the drilling of the well as part of a joint drilling programme with the Woodburn Forest (PL1/10) well.
    • InfraStrata retains a 65% interest in the project; the strategic importance of the project is reflected in EC support through its Project of Common Interest designation and is a key credential as InfraStrata works towards realisation of its interest as soon as practicable.

Financial highlights

  • Loss for the year ended 31 July 2014, £1,246,701 (2013: loss £1,642,760). Cash cost of management and administration for the year ended 31 July 2014 £1,126,482 (2013£1,098,695).
  • Gross exploration costs during the year £605,574 of which InfraStrata funded £347,211.
  • Capital costs of Islandmagee storage project during the year £255,292 compared to £606,173 contributions received from former partner BP Gas Marketing Limited.
  • Cash and cash equivalents at 31 July 2014 £1,648,955 (2013: £774,745) and net working capital at 31 July 2014 £957,491 (2013 - £5,008,801 including gas storage assets now reclassified).
  • Successful Placing on 23 September 2013 to raise £800,000 before expenses.
  • Appointment of VSA Capital Limited as joint broker.

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

" We are today reporting that each of our three key projects, exploration and gas storage in Northern Ireland and exploration in Dorset have made significant steps forward over the past year. We are reaching an inflection point in the development of the Company with the catalysts to delivering value for shareholders linked in each project to drilling activity in the coming year.

I would like to thank the dedicated team of drilling, environmental and civil engineers and scientists supporting the small team at InfraStrata managing each of the projects and interacting with the many stakeholders.

We look forward to a successful coming year after many years developing each project from initial identification, through data acquisition and lengthy consenting processes to being on the verge now of the key value step in each project."

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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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