28 Apr 2014 07:00
28 April 2014 For immediate release
InfraStrata plc
("InfraStrata" or the "Company")
New Ventures Exploration Agreement Signed
InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce that it has entered into a New Ventures Exploration Joint Bidding Agreement with Carstone Exploration Limited ("Carstone").
Under the terms of the agreement, InfraStrata and Carstone will work together to identify early stage opportunities, drawing upon the expertise and experience of each company. The companies will seek to grow an exploration portfolio in line with a focused investment strategy aimed at high impact exploration opportunities. In line with Infrastrata's existing strategy, the exploration teams will work together to capture opportunities in lease rounds and attract quality farm-in partners to fund the exploration drilling costs. Each company will hold 50% of the available licence interest in each new venture.
The joint venture team will be based at InfraStrata's head office. The first venture together is the UK 28th Seaward Licensing Round where an application was submitted to the Department of Energy and Climate Change on 25 April 2014.
Carstone is a private independent petroleum exploration company. The company was founded in 2014 by principals David Gaudoin, Donal O'Driscoll and John Robbins, who are very experienced geoscientists, with an excellent track record of being members of teams which have discovered significant commercial oil and gas accumulations over the past 30 years.
The joint venture excludes the existing core areas of InfraStrata in Northern Ireland and Southern England.
Commenting on the update, Andrew Hindle, CEO of InfraStrata said:
"This new venture provides InfraStrata with an excellent opportunity to work with a very successful team of explorationists with a view to securing new opportunities at little marginal cost. It's a really good way for us to continue building for the future, while the InfraStrata team remains focussed on securing value from our existing licences".
For further information please contact:
InfraStrata plc
Andrew Hindle, Chief Executive Officer 020 8332 1200
Stewart McGarrity, Finance Director
Financial PR - Buchanan
Richard Darby/ Gabriella Clinkard 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.
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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 30 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.