4 Apr 2013 07:00
4 April 2013 For Immediate Release
InfraStrata plc
("InfraStrata" or the "Company")
Acquisition of licence interests by Corfe Energy Limited
InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce that it has been informed by Corfe Energy Limited ("Corfe"), 40% owned by the Company, that Corfe is to acquire an interest in Licences PL090 (excluding the Waddock Cross field development area) and PEDL237,both located in the Wessex Basin.
On completion of agreements with existing licencees, Egdon Resources, First Oil Expro and Aurora Exploration, Corfe will acquire a 12.5% interest.
The transfer of interests is subject to the approval by the Department of Energy and Climate Change.
The parties have agreed to acquire a programme of 3D seismic which is expected to commence during Q4 2013.The intention of the joint venture group is to firm-up a drilling location to test a high potential Sherwood Sandstone reservoir prospect during 2014.
Commenting on the news, Andrew Hindle, CEO of InfraStrata plc said:
"These projects provide InfraStrata with a net 5% interest exposure to exploratory activity in addition to its two well operated drilling plans for 2013/14 within licences PL1/10 and P1918.
The transaction by Corfe follows a farm-in to licence PEDL201 last year. The Burton-on-the-Wolds exploration well on PEDL201 in the East Midlands Basin is expected to be drilled later in 2013 and this new acquisition provides an opportunity for further drilling in the Wessex Basin during 2014."
For further information please contact:
InfraStrata plc
Andrew Hindle, Chief Executive Officer 020 8332 1200
Craig Gouws, Chief Financial Officer
Financial PR - Buchanan
Richard Darby/Gabriella Clinkard/Tom Hufton 020 7466 5000
Nominated Advisor and Broker - Arden Partners plc
Richard Day/ Katelin Kennish 020 7614 5917
Notes to Editors:
Background on InfraStrata plc
InfraStrata is an independent petroleum exploration and gas storage company. The Company is focused on two areas in the UK, in Dorset, England and Antrim, Northern Ireland.
Further information is available on the Company's website www.infrastrata.co.uk.
In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, the information contained in this announcement has been reviewed and signed off by the Chief Executive Officer of InfraStrata plc Andrew Hindle BSc, MSc, PhD, a Chartered Geologist with 28 years' experience, a Fellow of the Geological Society of London, and a member of the American Association of Petroleum Geologists and the Petroleum Exploration Society of Great Britain.