12 Sep 2011 07:00
12 September 2011 | For Immediate Release |
InfraStrata plc
("InfraStrata" or the "Company")
Mobilisation for seismic survey in Northern Ireland
InfraStrata plc (AIM:INFA), the independent gas storage and petroleum exploration company, is pleased to announce that Tesla-IMC International Limited have mobilised a crew to undertake the Vibroseis seismic programme within the Company's operated petroleum exploration licence PL1/10 in Northern Ireland.
The acquisition of approximately 275 line kilometres of 2D seismic data will target the central part of the Larne-Lough Neagh Basin.
Commenting on the survey, Andrew Hindle, CEO of InfraStrata plc said:
"It is anticipated that the seismic survey will be completed at the end of October. The processing and the initial interpretation of the data are expected to be finalised during Q1 2012. The focus of the survey is a large intra-basinal high between the Larne and Lough Neagh sub-basins. We hope the results will lead to the drilling of an exploratory well during the second half of 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/ Gabriella Clinkard/ James Strong 020 7466 5000
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 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.
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 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 net 20% interest via a 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%
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. Although no deep wells have been drilled in the central part of the Larne-Lough Neagh Basin, potential Carboniferous oil and gas source rocks have been identified in wells drilled on the margins of the basin for coal exploration.
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 Dr Andrew Hindle, a Chartered Geologist with over 25 years' experience.