18 Jun 2015 07:05
18 June 2015 For immediate release
InfraStrata plc
("InfraStrata" or the "Company")
Results of Islandmagee-1 well
InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce 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 Q4 2015.
The costs of this 2015 work programme are being funded 50% by the European Commission under their Connecting Europe Facility.
Commenting on the announcement, Andrew Hindle, CEO of InfraStrata said:
"We are very pleased that the first phase of the 2015 work programme has confirmed expectations and been completed successfully and safely. We now look forward to completing the remaining work over the coming months."
For further information please contact:
InfraStrata plc
Andrew Hindle, Chief Executive Officer 020 8332 1200
Stewart McGarrity, Finance Director
Financial PR - Buchanan
Richard Darby/ Anna Michniewicz 020 7466 5000
Nominated Adviser and Joint Broker - Allenby Capital Limited
Jeremy Porter / Alex Brearley 020 3328 5656
Joint Broker - VSA Capital Limited
Andrew Raca/ Richard Buckle 020 3005 5004
Notes to Editors:
Background on InfraStrata plc
InfraStrata is an independent petroleum exploration and gas storage company focused on the UK and Ireland.
Further information is available on the Company's website www.infrastrata.co.uk.
Background on the Islandmagee Storage Project
The Islandmagee gas storage project is owned 65% by a wholly owned subsidiary of InfraStrata plc and 35% by a wholly owned subsidiary of Mutual Energy Limited. Work commenced in 2007 with the acquisition of 3D seismic data to image the Permian salt in the Larne Lough area. During 2012, planning permission was granted for the project and a gas storage licence was issued by the Utility Regulator. In October 2013, the gas storage project was granted a 'Project of Common Interest' ("PCI") status by the European Commission. PCI status means recognition by the European authorities that the Islandmagee gas storage project brings benefits not only to the Member State in which it is located, but to a much wider area. The next investment step in the project was the drilling of the data gathering well (Islandmagee-1) to obtain cores of the salt sequence and subsequently undertake further engineering design work. This €5 million work programme is being funded 50% by the European Commission under the Connecting Europe Facility. Following the drilling of the data gathering well and further engineering design work all key technical risks will have been addressed and the future CAPEX and OPEX better defined, enabling a Final Investment Decision to be taken after that point.
Further information is available on the project company's website www.islandmageestorage.com.
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.
Disclaimer releasing the European Union from any liability in terms of the content of the dissemination materials:"The sole responsibility of this publication lies with the author. The European Union is not responsible for any use that may be made of the information contained therein."