Commencement of drilling - Burton on the Wolds-1

RNS Number : 9343U

Infrastrata PLC

22 October 2014

 



22 October 2014                                                                        For immediate release

InfraStrata plc

("InfraStrata" or the "Company")

Commencement of drilling operations - Burton on the Wolds-1 exploration well

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to note that Egdon Resources plc ("Egdon") has released an RNS providing an update in respect of the conventional Burton on the Wolds-1 exploration well. Corfe Energy Limited, a company in which InfraStrata has a 40% shareholding, holds a 12.5% interest in the well (InfraStrata net 5%).

Egdon's RNS contained the following information:

"Egdon Resources plc (AIM:EDR) is pleased to announce the commencement of drilling operations at the Burton on the Wolds-1 conventional exploration well in UK Onshore Licence PEDL201 located in Leicestershire.

 
The Burton on the Wolds-1 well "spudded" (began drilling) at 07.30 hours on 18 October 2014. Drilling operations are expected to take around 26 days. The planned vertical well will be relatively shallow with a total drilled depth of around 1,000 metres.

The Burton on the Wolds Prospect is defined on proprietary 2D seismic data, which was acquired by Egdon in May 2011. Evaluation has highlighted a conventional oil prospect with targets at two distinct Carboniferous stratigraphic levels. The shallower target, the Rempstone Sandstone, is productive at the nearby Rempstone Oil Field. A seismic anomaly, possibly indicative of a carbonate reef, underlies the Rempstone Sandstone and provides a deeper secondary target. The mean combined Prospective Resources for the two target objectives, as calculated by Egdon are estimated to be 3.8 million barrels of oil. The Burton on the Wolds-1 well has been designed to intersect both targets in a favourable position near the crest of the structure.

The interests in Licence PEDL201 and the Burton on the Wolds-1 well are:

Holders	Holding (%)
Egdon Resources U.K. Limited (operator)	32.5%
Celtique Energie Petroleum Limited	32.5%
Terrain Energy Limited	12.5%
Corfe Energy Limited	12.5%
Union Jack Oil	10.0%

As a result of previously announced farm-outs, Egdon's net share of the cost of the Burton on the Wolds-1 well will be 15%.

Operations at this site will not, neither now nor in the future, involve the process of hydraulic 'fracking' for shale gas."

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/Anna Michniewicz                                               020 7466 5000

Nominated Advisor and Broker - Arden Partners plc

Chris Hardie/Catherine Miles                                                                                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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