28th Apr 2014 10:36
LONDON (Alliance News) - InfraStrata PLC Monday said it has made an agreement that will see it work with Carstone Exploration Ltd to identify early stage opportunities and seek to grow an exploration portfolio in line with its investment strategy aimed at high impact exploration opportunities.
Under the new ventures exploration joint bidding agreement, InfraStrata said the exploration teams will work together to capture opportunities in lease rounds and attract quality farm-in partners to fund the exploration drilling costs.
Each company will hold 50% of the available licence interest in each new venture.
The joint venture team will be based at InfraStrata's head office.
The first venture between the companies is the UK 28th Seaward Licensing Round where an application was submitted to the Department of Energy and Climate Change on April 25.
Carstone is a private independent petroleum exploration company, founded in 2014 by geoscientists David Gaudoin, Donal O'Driscoll and John Robbins.
InfraStrata said Gaudoin, O'Driscoll and Robbins have an excellent track record of being members of teams which have discovered significant commercial oil and gas accumulations over the past 30 years.
The joint venture excludes the existing core areas of InfraStrata in Northern Ireland and Southern England.
"This new venture provides InfraStrata with an excellent opportunity to work with a very successful team of explorationists with a view to securing new opportunities at little marginal cost. It's a really good way for us to continue building for the future, while the InfraStrata team remains focussed on securing value from our existing licences," InfraStrata Chief Executive Andrew Hindle said in a statement.
InfraStrata shares were Monday quoted at 8.75 pence, up 1.4%.
By Samuel Agini; [email protected]; @samuelagini
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