INFA.L Share News (INFA)

InfraStrata, the petroleum exploration company, announced its unaudited interim results for the six months ended 31 January 2015.It is focusing on the drilling of two wells in Northern Ireland at Islandmagee and Woodburn Forest and received an EU grant for EUR 2.5m which was 50% of the cost of the well at Islandmagee.The remaining 50% to complete the work by the end of 2015 was secured in February 2015 with a placing and subscription of InfraStrata shares.The company received a recent approval by DETI in February 2015 to drill at Woodburn Forest to start September 2015 after bird nesting season.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 £0.4m in cash during February 2015."InfraStrata 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."