News blog
InfraStrata
- BY: Andrew Hore |
- POSTED: 05/01/2012 |
InfraStrata has been offered an exploration licence near to the Wytch Farm oil field.
The offer is part of the second tranche of the 26th Seaward Licensing Round. The licence covers three offshore blocks (97/14, 97/15 and 98/11), which cover 584 square km. The licence lasts for an initial four year period and a decision on whether to drill a well is required within two years.
InfraStrata has been offered 50% of the licence and it will be operator. It intends to assign a 12% stake to Corfe Energy, in which it has a 50% stake, and 10% to Nautical Petroleum.
The first UK offshore well was drilled on block 97/14 in 1963. The company is particularly interested in a well drilled in 1984, which encountered gas. The initial focus will be on this area.
At 11.5p a share, InfraStrata, whose core business is developing gas storage sites, is valued at £9m.
InfraStrata is going back to its routes because it was spun off from Aim-quoted Egdon Resources, which has a number of UK onshore and offshore exploration and production interests. They include adjacent blocks in the south of England.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2011_27.pdf
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