29 May 2012 07:00
For Immediate Release | 29 May 2012 |
InfraStrata plc
("InfraStrata" or the "Company")
Mobilisation for infill seismic survey in Northern Ireland
InfraStrata plc (AIM:INFA), the independent gas storage and petroleum exploration company, is pleased to announce that Tesla Exploration International Limited has mobilised a crew to undertake an infill Vibroseis seismic programme within the Company's operated petroleum exploration licence PL1/10 in Northern Ireland. Data recording is expected to start during the week commencing 4 June 2012.
The new seismic programme, which follows data acquisition during 2011, will comprise approximately 100 kilometres of 2D Vibroseis data to refine the structural interpretation over the high-graded leads.
Commenting on the survey, Andrew Hindle, CEO of InfraStrata plc said:
"In March 2012 we announced that the project partners were very encouraged by the identification of several large leads within the 2011 survey area. The new data will be acquired during June and processed over the Summer. This will then enable the partners to define the prospective resources this Autumn and, in consultation with stakeholders, identify a suitable location for drilling the first petroleum exploration well on the PL1/10 licence."
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 |
Northern Ireland PR Consultant - JetPR | |
Jacqui Thompson
| 07803 722 322 |
Nominated Advisor and Broker - Seymour Pierce | |
Jonathan Wright - Corporate Finance | 020 7107 8000 |
Richard Redmayne - Corporate Broking
|
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 petroleum licence PL1/10
The petroleum 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 is five years with a decision on drilling a well required within three years. InfraStrata is the operator of the licence and holds a 30% direct interest, and an additional interest via a shareholding in partner company Brigantes Energy Limited.
The partners in the licence are:
InfraStrata plc 30%
Brigantes Energy Limited 40%
Nautical Petroleum plc 20%
Terrain Energy Limited 10%
The majority of InfraStrata's exploration costs are carried by partners through to the drilling of a well, and then partially carried for the first well.
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.