11 Mar 2016 07:00
11 March 2016
InfraStrata plc
("InfraStrata" or the "Company")
Woodburn Forest -1 well - commencement of wellsite construction
The Board of InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce that wellsite construction has commenced for the Woodburn Forest-1 well in Northern Ireland. The drilling of the well is expected to commence in May 2016.
Commenting, Andrew Hindle, CEO of InfraStrata said:
"We are pleased that the preparations for the well are underway. The well will target three conventional sandstone reservoir intervals, the Triassic Sherwood, Permian Lower Permian Sandstone and Carboniferous Sandstones. The P50 Prospective Resources have been estimated by the joint venture at 25 million barrels of oil ("MMBO") (net 2.5 MMBO1 to InfraStrata) within the Woodburn Forest prospect.
If the well encounters petroleum it would confirm the wider prospectivity of the Larne-Lough Neagh Basin within the area licenced to InfraStrata and partners. The Directors of InfraStrata believe this in turn would have a very positive impact on the economy of Northern Ireland.
We appreciate the support of a number of local contractors who will be employed by InfraStrata over the coming weeks."
1 Assumes that InfraStrata retains a 10% interest in the project if all agreements proceed as previously announced on 19 January 2016 and subject to approval of Department of Enterprise, Trade and Investment on licence interest assignments.
For further information please contact:
InfraStrata plc
Andrew Hindle, Chief Executive Officer +44 (0)20 8332 1200
Stewart McGarrity, Finance Director
Nominated Adviser and Broker - Allenby Capital Limited
Jeremy Porter / Alex Brearley / Liz Kirchner +44 (0) 20 3328 5656
Notes to Editors:
Background on InfraStrata plc
InfraStrata is an independent petroleum exploration and gas storage company focused on Northern Ireland.
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 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.