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Infrastrata now funded for Northern Ireland exploration well

Published: 03:09 19 Jan 2016 EST

oildrill2
A drill rig contractor will now be sought.

InfraStrata (LON:INFA) has now secured the funding necessary to drill a well at the Woodburn Forest project, onshore Northern Ireland.

A series of farm-out agreements see InfraStrata’s stake in the venture reduce to 10% from 45%, but, unlocks funds for the well in the first half of this year.

It is now expected that in the coming weeks the partners will secure a drill rig and finalise certain other contractual arrangements.

"This is the culmination of 5 years of hard work by InfraStrata and its joint venture partners,” said Andrew Hindle, InfraStrata chief executive.

“With Northern Ireland dependent upon imported oil and gas, the development of an oil and gas industry could have a very positive impact on its economy.

“We now look forward to working with local stakeholders to complete the pre-drilling arrangements and then drilling the well with the minimum impact to local residents."

Hindle highlighted that drilling the Islandmagee-1 well, last year, resulted in the investment of £800,000 in the local area and it is expected that the Woodburn Forest well would have a similar positive impact.

InfraStrata’s prior exploration work, involving two seismic programmes, confirmed numerous prospects within the Larne-Lough Neagh Basin of Northern Ireland including three conventional sandstone reservoir intervals (the Triassic Sherwood, lower Permian sandstone, and carboniferous sandstones).

Following on from an initial farm-out with Ermine Resources, which agreed to take 15% in November, further deals have now been reached with Tudor Hall Energy (10%), Baron Oil (10%), Southwestern Resources (16%) and Petro River UK (9%).

Also, prior arrangements, agreed in November, the completion of the well’s funding will see 10% of Woodburn Forest transferred to Corallian Energy.

Partners in the upcoming well have also signed off an escrow agreement for the project funding, which will now be administered by solicitor Fieldfisher LLP.

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