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Last 1.38 GBp
Change Today 0.00 / 0.00%
Volume 1.8M
INFA On Other Exchanges
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As of 11:35 AM 09/4/15 All times are local (Market data is delayed by at least 15 minutes).

infrastrata plc (INFA) Key Developments

InfraStrata plc Provides an Update on the Programme of Works on the Islandmagee Gas Storage Project in Northern Ireland Following Completion of the Drilling of the Islandmagee-1 Well in June 2015

InfraStrata plc provided an update on the programme of works on the Islandmagee gas storage project in Northern Ireland following completion of the drilling of the Islandmagee-1 well in June 2015. InfraStrata is a 65% shareholder of the gas storage project developer, Islandmagee Storage Limited. The £3.8 million programme of work commenced with the drilling of the well and has been designed to confirm the feasibility of the development of an underground gas storage facility in salt caverns, by obtaining wireline data and core samples of the Permian salt to undertake laboratory analyses, including rock mechanical tests, to further define the design parameters and cost estimate for the project. All the end of well reports have been finalised and the initial results from the laboratory in Germany on the cores are encouraging and the parameters are now being used by the surface engineering team to provide an update on the facility design and cost estimates. The programme is being supported by a €2.5 million grant from the European Commission under the Connecting Europe Facility. There are five stages to the programme agreed with the European Commission and three of those have now been successfully completed. The completion of this work will conclude a nine year programme covering a wide variety of aspects required for a major infrastructure project, including technical, commercial, permitting, planning and land assembly. By the end of this year approximately £10 million will have been invested in the project. The completion of the programme, expected to be in November 2015, will provide the key data to support the monetisation of the project and InfraStrata's interest.

Infrastrata plc Provides an Update on its Activities on Petroleum License Pl1/10 in Northern Ireland

InfraStrata plc provided an update on its activities on Petroleum License PL1/10 in Northern Ireland. All the regulatory approvals and other permits, including the site lease, are now in place for drilling the Woodburn Forest-1 well this coming winter. The timing for the drilling is dependent upon securing a drilling slot for the rig and completing the funding. With regard to funding, it is disappointing to report that Larne Oil and Gas Limited ('Larne'), who exercised an option to acquire an interest in the project in September 2014, have run into funding difficulties and will no longer be participating in the project. The license interest for InfraStrata will therefore revert to the prefarmout 45% level with a 15% working interest carried by existing partners Terrain Energy Limited and Brigantes Energy Limited. InfraStrata also holds a 50% beneficial interest in adjacent offshore license P2123. Good progress has been made with the Pre-stack Depth Migration reprocessing of two offshore 3D seismic surveys in the north of Block 98/11 acquired during 1992 and 1999, with delivery of final products expected by the end of June 2015. The reprocessing of the data has focused on the undeveloped Colter, Old Harry and Ballard Point discoveries. The large of these, the Colter Prospect, is located within a fault block immediately to the south of the giant Wytch Farm oilfield. The 98/11-3 well was drilled on the prospect in 1989 by Gas Council (Exploration) Ltd. and encountered a 10.5 meters vertical oil column in the Sherwood Sandstone with an oil-water-contact at a depth of 1,739 meters sub-sea. Reservoir quality is very similar to that observed in Wytch Farm. Whilst the terms of Larne's exit are being resolved, the partners are currently in discussions with a number of parties to secure approximately GBP2.8 million to complete the funding of the well such that it can be drilled this winter. The PL1/10 group has also entered into a Data Exchange Agreement with Islandmagee Storage Limited. Under the terms of the agreement the PL1/10 group has agreed to share the data from the 2D seismic survey it acquired in 2012, which includes data over the wider Islandmagee area, and future data from the proposed Woodburn Forest-1 well in return for access to the data from the Islandmagee-1 well drilled by IMSL. Of particular interest to the PL1/10 group are gas shows encountered in the Permian Magnesian Limestone below the Permian salt sequence in the Islandmagee-1 well. In addition, wire line data over the Triassic Sherwood Sandstone interval in the Islandmagee-1 well confirmed the good reservoir at this stratigraphic level over the area. The sharing of well engineering data will benefit both projects. The recent Islandmagee-1 well was successfully drilled by InfraStrata for Islandmagee Storage Limited and yielded useful additional data on the deep geology of the area. The post Islandmagee-1 well engineering programme remains on time and budget for a November 2015 completion. The Woodburn Forest Prospect has three conventional sandstone reservoir targets in the Triassic, Permian and Carboniferous. Combined Prospective Resources for the Triassic and Permian reservoirs have been estimated by the joint venture at 40 million barrels of oil.

InfraStrata plc Announces Results of Islandmagee-1 Well in Northern Ireland

InfraStrata plc announced that drilling and data gathering operations have been concluded at the Islandmagee-1 well in Northern Ireland. The well was drilled to a total depth of 1,753 metres. The objective of the well was to confirm the feasibility of the development of an underground gas storage facility in salt caverns, by obtaining wireline data and core samples of the Permian salt to undertake laboratory analyses, including rock mechanical tests, to further define the design parameters and cost estimate for the project. The first element of the work has met its objectives with the well encountering 185.8 metres of Permian salt. Core samples have been sent to Germany for analyses to be undertaken. These results will enable the project developer, Islandmagee Storage Limited (InfraStrata 65% shareholder), to complete this phase of work in fourth quarter 2015. The costs of this 2015 work programme are being funded 50% by the European Commission under their Connecting Europe Facility.

InfraStrata plc Provides an Update on its Activities on Petroleum Licence P1918

InfraStrata plc provided an update on its activities on Petroleum Licence P1918, offshore Dorset. In October 2014, the Company announced that together with joint venture partners Corfe Energy Limited and Brigantes Energy Limited, it had signed a farm-in agreement with Southwestern Resources Limited with respect to offshore Dorset licence P1918. Under the terms of the Agreement, Southwestern was granted the rights to a 10% interest in P1918 in return for funding the reprocessing of existing 3D seismic data and acquiring new 2D seismic data. Following the agreement InfraStrata's interest in the licence was 54.00%, with a further net interest of 14.40% via its shareholdings in Corfe and Brigantes. Good progress has been made with the Pre-stack Depth Migration reprocessing of two offshore 3D seismic surveys in the north of Block 98/11 acquired during 1992 and 1999, with delivery of final products expected by the end of June 2015. The reprocessing of the data has focused on the undeveloped Colter, Old Harry and Ballard Point discoveries. The large of these, the Colter Prospect, is located within a fault block immediately to the south of the giant Wytch Farm oilfield. The 98/11-3 well was drilled on the prospect in 1989 by Gas Council (Exploration) Ltd. and encountered a 10.5 metres vertical oil column in the Sherwood Sandstone with an oil-water-contact at a depth of 1,739 metres sub-sea. Reservoir quality is very similar to that observed in Wytch Farm. Under the Agreement, Southwestern was granted an exclusive option until July 2015 to acquire a further 65% interest (75% in total) from InfraStrata and partners on a pro-rated basis by funding 100% of the costs of an offshore exploration well in the P1918 licence. If the Offshore Option were exercised, InfraStrata's net interest in P1918 would be 19%, with its costs carried through the drilling of the well. If Southwestern were to elect to drill the cheaper onshore to offshore well, California Quarry-1, they would have been granted a further 40% interest rather than 65%.

InfraStrata plc Announces Commencement of Drilling Operations at Islandmagee-1 Well in Northern

InfraStrata plc announced the commencement of drilling operations at the Islandmagee-1 well in Northern Ireland. The Islandmagee-1 well began drilling ("spudded") at 18:00 hours on 15 May 2015. Drilling operations are expected to take around 5 weeks. The well will be drilled to a total drilled depth of approximately 1,700 metres. The objective of the well is to confirm the feasibility of the development of an underground gas storage facility in salt caverns, by obtaining wireline data and core samples of the Permian salt to undertake laboratory analyses, including rock mechanical tests, to further define the design parameters and cost estimate for the project.

 

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