InfraStrata provides an update on its various projects.

Antrim, Northern Ireland Islandmagee Storage Limited (InfraStrata 65% interest) continues to support the planning application process for the gas storage project. It remains hopeful that planning permission will be awarded for the project during 2011. Meanwhile InfraStrata, together with its partner, Mutual Energy Limited, have been continuing discussions with a range of parties about partnering the project to fund the next stage through to the financial investment decision point. InfraStrata's legal advisors, Field Fisher Waterhouse LLP, are now assisting Islandmagee Storage Limited in the negotiation of detailed terms with several parties in parallel with a view to reaching agreement with one or more of the parties over the Summer.

InfraStrata as operator of the PL1/10 Licence group (InfraStrata 30% direct interest, additional 20% interest via shareholding in partner company IS E&P Limited) has issued tenders for the 250km 2D seismic acquisition and processing contracts. It is anticipated that the contracts will be awarded in June 2011 for a Q3 2011 start-up of operations.

Dorset, England Portland Gas Limited (InfraStrata 50% interest) has tendered for the initial construction work on the Upper Osprey wellsite. The construction work is expected to be completed by early June 2011. This work will implement the planning permission for the gas storage project. InfraStrata, together with its partner eCORP Oil & Gas Limited, are currently finalising the 2011/12 programme of activity and once this is completed a further update will be provided.

Commenting on the update, Andrew Hindle, CEO of InfraStrata plc said, 'We are pleased to be continuing to progress our range of upstream and midstream projects as planned. 2011 is an important year for the Company as we prepare to accelerate the Islandmagee Storage project with drilling of the first cavern well, subject to completing the process to introduce a new partner and obtaining planning permission for this important project for Northern Ireland. Also in Northern Ireland, we hope the results of the new seismic data will lead to drilling activity in 2012. In England, we are making progress with eCORP to prepare the groundwork for the development of projects in the Dorset area.'

Tags: InfraStrata