Woodburn Forest-1 well - commencement of drilling

RNS Number : 2785Y

Infrastrata PLC

16 May 2016

 

16 May 2016                                                    

InfraStrata plc

("InfraStrata" or the "Company")

Woodburn Forest-1 well - commencement of drilling

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce that drilling has commenced at Woodburn Forest in County Antrim, Northern Ireland. The drilling of the well is expected to take around six weeks to complete.

The well will be drilled to a depth of 2,000 metres and target three conventional sandstone reservoir intervals, the Triassic Sherwood Sandstone, Lower Permian Sandstone and Carboniferous Sandstones. The P50 Prospective Resources have been estimated by the joint venture at 25 million barrels of oil within the Woodburn Forest prospect.

Following completion of the drilling, the well will be plugged and abandoned and the site will be restored to its former state. In the event of encouraging results from the well, any re‐establishment of the site for further works, such as testing, would require further consents and planning approval.

Commenting, Andrew Hindle, CEO of InfraStrata said:

"It has been five years since we were awarded a petroleum licence. In that time we have acquired the first extensive seismic surveys across the Larne-Lough Neagh Basin in 2011 and 2012, confirming the prospectivity of the basin and ultimately leading to location of Woodburn Forest for drilling an exploration well. InfraStrata's conventional exploration programme in County Antrim is an important part of our strategy, with successful exploration capable of delivering significant upside for our shareholders and Northern Ireland.

I would like to acknowledge the dedication and professionalism of the InfraStrata team and our consultants and suppliers during this period. InfraStrata and project partners look forward with great interest to the results of the well."

For further information please contact:

InfraStrata plc

Andrew Hindle, Chief Executive Officer                                                                  020 8332 1200

Stewart McGarrity, Finance Director

Nominated Adviser and Broker - Allenby Capital Limited

Jeremy Porter / Alex Brearley / Liz Kirchner                                                          020 3328 5656

Financial PR - Camarco

Billy Clegg / Gordon Poole                                                                                   020 3757 4980

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.

 

END

 

 

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