Further seismic acquisition in Northern Ireland

RNS Number : 0206A

Infrastrata PLC

26 March 2012

 



For Immediate Release

26 March 2012

InfraStrata plc

("InfraStrata" or the "Company")

Further seismic acquisition in Northern Ireland

InfraStrata plc (AIM:INFA), the independent gas storage and petroleum exploration company, is pleased to announce that Tesla Exploration International Limited ("Tesla") will be undertaking a further infill seismic programme over petroleum licence PL1/10 during June 2012.

The decision to undertake the new survey was taken after completion of the interpretation of 288 kilometres of 2D Vibroseis seismic data acquired during 2011. The PL1/10 partners are very encouraged by the identification of several large leads. The new seismic programme will comprise 100 kilometres of 2D Vibroseis data to refine the structural interpretation over the high-graded leads, and identify a suitable location for drilling the first exploration well.

Commenting on the new survey, Andrew Hindle, CEO of InfraStrata plc said:

"Although it was anticipated that we would confirm a thick sedimentary sequence within the Larne-Lough Neagh Basin, the challenge before the 2011 survey was to design a programme to successfully image below the Tertiary basalt, which is at the surface over the majority of the licence area. We have managed to achieve this and confirm that the structural style is similar to our analogue, the East Irish Sea Basin.

The primary objectives are sandstone reservoirs within the Triassic and Permian sequences, each overlain by saliferous sealing intervals.

We look forward to working with Tesla and local stakeholders to refine the interpretation and progress the project towards the drilling of our first exploration well."

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/ Sarah Jacobs - 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.

Further information is available on the Company's website www.infrastrata.co.uk.

Background on petroleum licence PL1/10

The petroleum 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 50% shareholding in partner company Brigantes Energy Limited.

The partners in the licence are:

InfraStrata plc                         30%

Brigantes Energy Limited        40%

Nautical Petroleum plc             20%

Terrain Energy Limited            10%

The majority of InfraStrata's exploration costs are carried by partners through to the drilling of a well and partially carried for the first well.

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.

 

END

 

 

MSCBKPDKDBKBKNB