RNS Releases
27 October 2014 - Dorset Exploration Agreement Signed 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 partners Corfe Energy Limited (“Corfe”) and Brigantes Energy Limited (“Brigantes”), it has signed an agreement with Southwestern Resources Limited (“Southwestern”) with respect to offshore Dorset licence P1918 (the “Agreement”).

Southwestern is a new UK based company set up for the purpose of participating in oil and gas exploration and production in the UK.

Under the terms of the Agreement, Southwestern will acquire a 10% interest in the P1918 licence, subject to Department of Energy and Climate Change (“DECC”) approval, in return for funding 100% of the next £500,000 of expenditure on the licence and thereafter funding its own share. In addition, it has been granted an exclusive option to acquire a further interest in the licence in return for funding future drilling activity.

Subject to the approval for the licence interest assignments by DECC, the licence interests will be as follows:

InfraStrata (Operator) * 54.00%
Southwestern 10.00%
Corfe (40% owned by InfraStrata)* 19.80%
Brigantes (40% owned by InfraStrata)* 16.20%
*net InfraStrata 68.40% interest

The initial £500,000 funding will include the cost of acquiring two new 2D seismic lines over the Purbeck Prospect, in order to complete the well design for the proposed California Quarry-1 well and also undertaking a Pre-stack Depth Migration reprocessing of two offshore 3D seismic surveys in the north of Block 98/11 acquired during 1992 and 1999.

The reprocessing of the offshore data will focus 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 oilwater-contact at a depth of 1,739 metres sub-sea. Reservoir quality is very similar to that observed in Wytch Farm.

Southwestern has been granted an exclusive option until July 2015 to acquire a further 65% interest from InfraStrata and partners on a pro-rated basis by funding 100% of the costs of an offshore exploration well in the P1918 licence. If the option were exercised, InfraStrata’s net interest in P1918 would be 19%, with its costs carried through the drilling of the well.

In the event that Southwestern decides not to exercise the option to drill an offshore well for the first well, it has been granted an option, until September 2015, to acquire a further 40% licence interest by funding 100% of the costs to drill the California Quarry-1 well. If this alternative option were exercised, InfraStrata’s net interest in P1918 would be 38%, with its costs carried through the drilling of the well. The proposed California Quarry-1 well is an onshore to offshore well. Since 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, terms have also been agreed with Southwestern to apply for the required onshore area as part of the UK 14th Landward Licensing Round.

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.

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

“We are delighted to welcome Southwestern to the joint venture as we enter the next exciting phase of exploration in the Wessex Basin of Southern England. The technical work programme over the next nine months to be funded by Southwestern will better define the discovered oil and gas and prospectivity on the licence.

The farmout is consistent with the Company’s business plan to secure funding for its exploration programmes by introducing partners and have its costs carried through drilling.”

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22 October 2014 - Commencement 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, is pleased to note 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) is pleased to announce the commencement of drilling operations at the Burton on the Wolds-1 conventional exploration well in UK Onshore Licence PEDL201 located in Leicestershire.

The Burton on the Wolds-1 well “spudded” (began drilling) at 07.30 hours on 18 October 2014. Drilling operations are expected to take around 26 days. The planned vertical well will be relatively shallow with a total drilled depth of around 1,000 metres.

The Burton on the Wolds Prospect is defined on proprietary 2D seismic data, which was acquired by Egdon in May 2011. Evaluation has highlighted a conventional oil prospect with targets at two distinct Carboniferous stratigraphic levels. The shallower target, the Rempstone Sandstone, is productive at the nearby Rempstone Oil Field. A seismic anomaly, possibly indicative of a carbonate reef, underlies the Rempstone Sandstone and provides a deeper secondary target. The mean combined Prospective Resources for the two target objectives, as calculated by Egdon are estimated to be 3.8 million barrels of oil. The Burton on the Wolds-1 well has been designed to intersect both targets in a favourable position near the crest of the structure.

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%

As a result of previously announced farm-outs, Egdon's net share of the cost of the Burton on the Wolds-1 well will be 15%.

Operations at this site will not, neither now nor in the future, involve the process of hydraulic ‘fracking’ for shale gas.”

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30 September 2014 - Notification of Major Interest in Shares PDF Print E-mail
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19 September 2014 - Timing Update - Burton on the Wolds-1 Exploration Well PDF Print E-mail

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to note that Egdon Resources plc ("Egdon") has released an RNS providing a timing 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) is pleased to provide an update on the expected timing of the Burton on the Wolds-1 conventional exploration well in UK Onshore Licence PEDL201 located in Leicestershire.

The drilling rig and associated equipment has been demobilised from the Wressle-1 well-site following the completion of that well for future testing operations. The rig will now drill a single well for Alkane Energy plc, which was deferred to enable the Wressle-1 well to be drilled, before then mobilising to Burton on the Wolds. Well-site construction at Burton on the Wolds has been completed and it is anticipated that operations will commence by mid-October.

We will provide a further update to shareholders on commencement of drilling operations.

The Burton on the Wolds Prospect is defined on proprietary 2D seismic data which was acquired by Egdon in May 2011. Evaluation has highlighted a conventional oil prospect with targets at two distinct Carboniferous stratigraphic levels. The shallower target, the Rempstone Sandstone, is productive at the nearby Rempstone oil field. A seismic anomaly, possibly indicative of a carbonate reef, underlies the Rempstone Sandstone and provides a deeper secondary target. The mean combined Prospective Resources for the two target objectives, as calculated by Egdon are estimated to be 3.8 million barrels of oil.

The planned vertical well will be relatively shallow with a drilled depth of around 1,000 metres. It has been designed to intersect both targets in a structurally favourable position near the crest of the Burton on the Wolds structure.

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%

As a result of previously announced farm-outs, Egdon's net share of the cost of the Burton on the Wolds-1 well will be 15%.

For the avoidance of doubt the Burton on the Wolds prospect is a conventional oil prospect and our operations will not, either now or in the future, involve the process of hydraulic 'fracking' for shale gas since the area around the Burton on the Wolds prospect has neither the required conditions nor the specific rock-types present for shale gas exploration.”

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19 September 2014 - Share Options Granted PDF Print E-mail

InfraStrata plc (AIM:INFA) announces that as part of its annual salary review it has granted options over 2,234,000 Ordinary Shares at an exercise price of 10p per Ordinary Share to all employees and Directors under the terms of the Company Share Option Plan. The options issued represent 2.25% of the total issued share capital of the Company. These options are not exercisable until 19 September 2015. The grant of options included the following grants to Directors:

Director Options
Granted
Resultant
option holding
Beneficial
shareholding
Potential total
beneficial
interest
Kenneth Ratcliff 150,000 315,332 104,000 419,332
Andrew Hindle 800,000 1,799,881 7,422,625 9,222,506
Stewart McGarrity 600,000 1,118,918 - 1,118,918
Walter Roberts 60,000 562,750 1,132,378 1,695,128
Maurice Hazzard 60,000 139,290 19,326 158,616
William Colvin 60,000 117,361 272,727 390,088


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