News blog

InfraStrata

• BY: Andrew Hore |
• POSTED: 18/10/2012 |

Shares in InfraStrata have jumped 2.75p to 10p on the back of planning permission being granted at the proposed Islandmagee gast storage project.

InfraStrata is valued at £9.1m. InfraStrata owns 65% of the company that is developing the £400m Antrim-based storage project, with Moyle Energy owning the rest.  BP Gas Marketing has an option to take a 50.5% stake in the project company. BP paid £200,000 to the project company on signing an agreement and planning permission will trigger a further payment of £200,000. This cash will be paid to InfraStrata to settle part of its loan.

Drilling is planned for the first half of 2013, subject to the regulatory framework for the project.

During the summer, InfraStrata has farmed out a further 8% interest in English Channel licence P1918 to Corfe Energy in return for it carrying the InfraStrata’s first expenditure on the licence. Corfe’s stake rises to 20%, Nautical Petroleum has 10% and InfraStrata retains 70%. InfraStrata owns 40% of Corfe, which had previously raised £750,000 at 50p a share.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2012_37.pdf