16 Jun 2011 07:00
For Immediate Release | 16 June 2011 |
InfraStrata plc
("InfraStrata" or the "Company")
Appointment of Tesla-IMC as Seismic Contractor in Northern Ireland
InfraStrata plc (AIM:INFA) a developer of energy production, transportation and storage infrastructure, is pleased to announce that, subject to final contract, Tesla- IMC International Limited ("Tesla-IMC") will be undertaking the 2011 seismic programme in Licence PL1/10 in Northern Ireland.
Tesla-IMC will acquire approximately 250 line kilometres of 2D Vibroseis data over the central part of the Larne-Lough Neagh Basin. The survey will target a very large undrilled intra-basinal high feature in the centre of the basin.
The sedimentary section is over 4,000 metres thick in the most deeply buried parts of the basin within Licence PL1/10. The primary reservoir target is the Triassic Sherwood Sandstone, the reservoir in the giant Morecambe Bay gasfield in the East Irish Sea Basin. The regional seal is the Mercia Mudstone Formation. Secondary targets are sandstone reservoirs within the Permian and Carboniferous sequences. Gas has been encountered in Carboniferous sandstones in southwest Northern Ireland. Shales and coals within the Carboniferous sequence, potential sources of oil and gas, have been encountered in wells drilled on the margins of the Larne-Lough Neagh Basin for coal exploration.
It is anticipated that the seismic will be acquired between August and October.
Commenting on the appointment, Andrew Hindle, CEO of InfraStrata plc said:
"We are pleased to be working with Tesla-IMC on this exciting venture. Tesla-IMC has experience acquiring data in Northern Ireland, including the 2007 3D survey in the Larne Lough area for InfraStrata on behalf of Islandmagee Storage Limited.
Initial processing of the seismic data will be undertaken as the data is acquired. It is therefore anticipated that early mapping of prospects will be available in Q4 2011. It is hoped that this will lead to drilling of an exploration well during 2012."
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 020 7466 5000
James Strong
Gabriella Clinkard
Nominated Advisor and Broker - Seymour Pierce
Jonathan Wright/ Jeremy Porter - Corporate Finance 020 7107 8000
Richard Redmayne - Corporate Broking
Notes to Editors:
Background on InfraStrata plc
InfraStrata is a developer of energy production, transportation and storage infrastructure.
The Company is focused on two areas in the UK. In Dorset, England, the Company is reviewing and developing opportunities covering Exploration, Gas Storage, Pipelines and Power Generation. In Antrim, Northern Ireland, the opportunities cover Exploration and Gas Storage. The Company and its partners are able to gain from a number of synergies between the different activities in each area.
All the projects have been initiated by the Company and are being funded through to the development stage by the introduction of new strategic partners.
Further information is available on the Company's website www.infrastrata.co.uk.
Background on Licence PL1/10
The petroleum exploration licence PL1/10 (Central Larne - Lough Neagh Basin) in Northern Ireland was awarded in March 2011. The licence covers an area of 663 square kilometres. The initial licence term will be five years with a decision on drilling a well required within three years. InfraStrata is operator of the licence and holds 30% direct interest, with an additional 20% interest via shareholding in partner company IS E&P Limited.
The partners in the licence are:
InfraStrata plc 30%
IS E&P Limited 40%
Nautical Petroleum plc 20%
Terrain Energy Limited 10%
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 Dr Andrew Hindle, a Chartered Geologist with over 25 years' experience.