14 Aug 2012 07:00
For Immediate Release | 14 August 2012 |
InfraStrata plc
("InfraStrata" or the "Company")
Farmout to Corfe Energy
InfraStrata plc (AIM:INFA), the independent gas storage and petroleum exploration company, is pleased to announce that it has farmed out a further 8% interest in English Channel licence P1918 to Corfe Energy Limited ("Corfe").
Under the terms of the agreement Corfe will carry the first £96,000 of InfraStrata's expenditure under the licence.
Subject to the approval of the Department of Energy and Climate Change the interests in the licence following the assignment will be:
InfraStrata (operator) 70%
Corfe 20%
Nautical Petroleum 10%
Commenting on the farmout to Corfe, Andrew Hindle, CEO of InfraStrata plc said:
"The farmout to Corfe is part of InfraStrata's strategy to bring investment into its projects and de-risk its programme. This investment by Corfe will fund the project through the initial technical work programme on the licence. There are several existing and undeveloped oil and gas discoveries within the licence which will be evaluated initially through reprocessing of existing seismic data acquired primarily in the 1980s."
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 020 7466 5000
Nominated Advisor and Broker - Arden Partners plc
Richard Day/Justine Waldisberg 0207 614 5917
Notes to Editors:
Background on InfraStrata plc
InfraStrata is an independent gas storage and petroleum exploration 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.
Background on Corfe Energy Limited
Corfe is an independent private E&P company. InfraStrata owns 40% of the shares in Corfe and is represented by William Colvin on the Board of the company. In addition to its interest in licence P1918, Corfe has a 5% interest in the UK onshore Avington Oilfield and a 12.5% interest in onshore UK licence PEDL201.
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.