LONDON (Alliance News) - InfraStrata PLC on Tuesday said it sold its interest in three offshore UK oil & gas licences to Westmount Energy Ltd for an undisclosed sum.
The decision to dispose of the non operating interest was taken following the gas storage firm's recent commitment to focus on developing energy-related infrastructure projects.
"Exploration is no longer in our strategic plan so disposal of these interests to increase working capital is the correct choice for us as we continue to evolve," explained Chief Executive John Wood.
Meanwhile, Westmount Energy said it will secure 0.5%, 0.5% and 1.0% net profits interests in North Sea licence P1918 covering Colter prospect, P2222 covering Oulton discovery and P2235 covering Wick prospect, respectively.
The investment company believes that acquisition offers low-cost exposure to near-term exploration and appraisal drilling targets, with independent prospect risks and potential for substantial value uplift, in the success case, without requiring further investment by the company.
InfraStrata shares were trading 3.2% higher on Tuesday at 0.54 pence each, while Westmouth Energy shares were untraded, last quoted at 8.40p per share.
Westmount Engy. (WTE)