RNS Releases
21 May 2015 - Notification of Major Interest in Shares PDF Print E-mail
pdf View or download the release 
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.”

pdf View or download the release 
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.”

pdf View or download the release 
28 April 2015 - Interim results for the six months ended 31 January 2015 PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company is pleased to announce its unaudited interim results for the six months ended 31 January 2015.

Overview and highlights


  • The Company’s near term focus is the drilling of two wells in Northern Ireland at Islandmagee and Woodburn Forest, and recent activity has concentrated on achieving these goals.
  • Islandmagee Gas Storage project (County Antrim)
    • The Company was successful in December 2014 in securing European Commission grant funding for 50% of the cost of a well to obtain salt cores and complete engineering design (€2.5 million; c £1.9 million). The formal grant agreement has been concluded.
    • The balancing 50% required to complete the work by the end of 2015 was secured in February 2015 with a placing and subscription of InfraStrata shares.
    • The work programme will enable the project to progress to the extent required for potential developers to reach final investment decision.
    • All the regulatory approvals have been granted for the Islandmagee-1 well. The most recent approval was a ‘Consent to Drill’ granted by the Department of Enterprise, Trade and Investment (“DETI”) in April 2015.
    • The wellsite and cellar have been constructed and the well is scheduled to start drilling in May 2015.
    • InfraStrata holds a 65% interest in the project and the strategic importance of the project and European Commission support through Project of Common Interest designation are key credentials.
  • PL1/10 & P2123 (operator, onshore and offshore County Antrim)
    • All of the relevant regulatory approvals have now been granted by the various government departments to allow the Company to drill a conventional petroleum exploration well at Woodburn Forest, Carrickfergus. The most recent approval was a ‘Consent to Drill’ granted by DETI in February 2015.
    • It was not possible to commence site construction before the bird nesting season commenced at the end of February, so site work for the Woodburn Forest-1 well is now planned after the season closes in September 2015.
    • The well is targeting 40 million barrels of oil equivalent (“mmboe”) in conventional Carboniferous, Permian and Triassic sandstone reservoirs and seeks to de-risk over 500mmboe of further potential upside within the licence areas.
    • InfraStrata’s net interest in PL1/10 and P2123 is expected to be 27.5% once the funding arrangements for the well have been completed.
    • InfraStrata expects to be fully carried for its interest in the Woodburn Forest-1 well.
    • The drill-or-drop has been exercised for PL1/10. The initial term of the licence expires in March 2016.
    • In P2123 the licence group are planning to acquire new 2D seismic data in 2016 and the initial term of the licence expires in December 2017.
  • P1918 (operator, offshore Dorset)
    • Planning permission granted in 2013 and pre-start conditions discharged during 2014 for the proposed California Quarry-1 exploration well to be drilled from an onshore location and drilled directionally into the offshore licence within the Purbeck Prospect.
    • The well will target 10 mmboe in conventional Jurassic sandstone and limestone reservoirs.
    • Following a farm-in by Southwestern Resources Limited (“Southwestern”), InfraStrata’s net interest in P1918 is now 68.4%. Southwestern are funding ongoing seismic permitting for a new 2D seismic line over the Purbeck Prospect and 3D seismic reprocessing over the Colter Prospect.
    • The Colter Prospect has the potential for 50 mmboe in the Triassic Sherwood Sandstone. This will be better defined once the 3D seismic reprocessing has been completed and interpreted in Q3 2015.
    • Southwestern have been granted options to drill a well on either the Purbeck or Colter Prospects.
    • Environmental restrictions over the timing of the acquisition of the new 2D seismic data over the Purbeck Prospect (to finalise the well design), uncertainty regarding the timing of the award of a petroleum licence over the onshore area to either InfraStrata or a third party (required to drill from California Quarry) and the planning lead time for drilling a well on the Colter Prospect mean that it is unlikely now that drilling will be possible before the initial term of the licence expires in February 2016. Drilling of a well after February 2016 will require a licence extension to be granted by Department of Energy and Climate Change (“DECC”).
  • InfraStrata was successful in being awarded Licence P2222 in the UKCS 28th Seaward Licensing Round. InfraStrata is the operator and holds a 50% interest in the licence.
  • In December 2014 InfraStrata signed a binding Heads of Agreement for an Asset Exchange with Fyrd Energy Limited (“Fyrd”). Under the terms of the Agreement, InfraStrata acquired a 25% interest in Licence P2235, offered to Fyrd in the UKCS 28th Seaward Licensing Round. The assignment will be subject to DECC approval. In return, InfraStrata is assigning 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, InfraStrata will hold a 22.5% shareholding in IGR.
  • Through associate company Corfe Energy Limited (“Corfe”), InfraStrata is positioned to benefit from additional onshore UK exploration activities, including exploration activities onshore in Dorset.


  • Successful placing and subscription completed on 23 February 2015 to raise £2.1 million before costs. Also in February the Company’s subsidiary Islandmagee Storage Limited received £400,000 in cash in relation to a data release agreement.
  • The aggregate new funding of £2.4 million in cash provides sufficient resources to meet 50% (£1.9 million) share of the cost of the salt core programme on the Islandmagee gas storage facility.
  • Loss for the six month period ended 31 January 2015, £599,048 (31 January 2014 - loss £705,952). Annualised net administrative costs after recoveries maintained below £1 million following further reductions in staff costs in February 2015.
  • Basic and diluted loss per share – 0.60p (31 January 2014 loss – 0.73p).

Commenting on the results and outlook, Ken Ratcliff, Chairman, said:

" InfraStrata has further progressed the drilling of two wells in Northern Ireland over the past six months against a backdrop of difficult market conditions for oil and gas companies. We seek to secure value for our shareholders by completing this programme during 2015.

Value has been achieved by leveraging value out of our existing assets, demonstrated by the transaction with Fyrd in December 2014 which gave the Company access to a high quality exploration project in the North Sea in exchange for rights to data from the Portland project, and more recently in January 2015 with a data release agreement in respect of proprietary seismic data in Northern Ireland for which its subsidiary Islandmagee Storage Limited received £0.4 million in cash during February 2015. The Company will seek to monetise further value from existing projects during the coming year. Much of this activity will focus on realising value from the Islandmagee gas storage project following the drilling of the well in Q2 2015.

InfraStrata also acknowledges the support of existing shareholders and new investors in securing additional £2.1 million funding for the Company in February 2015 to support the matched funding from the European Commission for the Islandmagee project."

pdf View or download the release 
24 April 2015 - Notification of Major Interest in Shares PDF Print E-mail
pdf View or download the release 
<< Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >>

Results 73 - 81 of 274