Woodburn Forest-1 well - completion of drilling

RNS Number : 4585B

Infrastrata PLC

16 June 2016

 

16 June 2016                                                               

InfraStrata plc

("InfraStrata" or the "Company")

Woodburn Forest-1 well - completion of drilling

InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, announces that drilling has been completed at Woodburn Forest in County Antrim, Northern Ireland.

The well was drilled to a depth of 2,000 metres and encountered two conventional sandstone reservoir intervals, the Triassic Sherwood and the Lower Permian Sandstones. Wireline log analysis has calculated porosities of over 20% in the upper parts of both the Sherwood and the Lower Permian Sandstones but both targets were water wet.

The well will now be plugged and abandoned.

Commenting, Andrew Hindle, CEO of InfraStrata said:

"Following the divestment of exploration assets late last year this remained our only exploration project with costs fully carried through the well. Completing activities associated with the well will complete the work programme obligations on Licence PL1/10. The licence recently entered its second five year term. It is naturally disappointing not to have encountered a hydrocarbon accumulation and the joint venture will now fully evaluate the data collected in the well and decide where to focus its future exploration activity in the basin.

InfraStrata and its project partners would like to thank all those involved in the operations for their hard work and dedication. We will now work with our local contractors to professionally restore the site."

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.

 

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