16th May 2016 07:23
LONDON (Alliance News) - InfraStrata PLC Monday said it has started drilling on at Woodburn Forest in County Antrim, Northern Ireland, and said it expects to complete the well within the next six weeks.
The company was awarded the petroleum licence covering Woodburn Forest five years ago and has completed work on the field since to identify the exploration target where the well, Woodburn Firest-1, will be drilled.
InfraStrata will drill the well to a depth of 2,000 metres in the hope it can intersect three conventional sandstone reservoirs, the Triassic Sherwood Sandstone, Lower Permian Sandstone and Carboniferous Sandstones.
The P50 prospective resources, which can be seen as having a 50% chance of being produced, within the Woodburn Forest prospect stands at 25.0 million barrels of oil.
Once completed, the well will be plugged and abandoned. InfraStrata said it will need to secured new consents and planning approval if it decides to conduct any more work on the field should the first well produce encouraging results.
InfraStrata is the operator of the field, which is a joint venture with Brigantes and Terrain. InfraStrata holds a 45% stake in the PL1/10 onshore licence and a 50% stake in the offshore P2123 licence.
Importantly, InfraStrata also holds a 40% stake in Brigantes, which holds a 45% in the onshore licence and a 30% stake in the offshore licence.
InfraStrata shares were down 3.2% to 2.25 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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