21st Jan 2014 09:55
LONDON (Alliance News) - Infrastrata PLC Tuesday said it is developing operations towards production at its P1918 licence and PL1/10 exploration well.
The petroleum exploration and gas storage company, with operations in the UK, said plans are progressing towards commencement of site construction at the P1918 licence in the Wessex Basin on September 1, 2014.
The company said it then plans to begin drilling the site on November 2014, subject to certain approvals from stakeholders and achieving funding for the site.
Infrastrata said the well will target prospective resources at the site estimated at 10 million barrels of oil equivalent.
Prior to the site being part sold, InfraStrata will hold a direct 78% interest in the licence and a further 8.8% via a shareholding in partner company, Corfe Energy Ltd.
The company also noted it has now received permitting for its proposed PL1/10 exploration well, and plans are progressing towards the same schedule of construction and drilling as at the P1918 site.
Infrastrata will also sell interests in this site, which will target prospective resources from the well of 40 million barrels of oil equivalent, to achieve funding for its ongoing development.
Prior to any interests being taken, InfraStrata holds a direct 45% interest in the licence and a further 18% via a shareholding in partner company, Brigantes Energy Ltd.
Infrastrata shares were down 1.75% to 14.00 pence in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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