InfraStrata plc, together with joint venture partners Brigantes Energy Limited (Brigantes) and Terrain Energy Limited (Terrain), has signed an agreement with Larne Oil and Gas Limited (Larne) with respect to onshore Northern Ireland licence PL1/10 and adjacent offshore licence P2123.

Under the terms of the Agreement, Larne has purchased an exclusive option to farm in to both licences. If the option is exercised Larne will be credited with the option price and will then fund a disproportionate share of the forthcoming costs for the proposed Woodburn Forest-1 exploration well in licence PL1/10 to earn a 50% interest in the licence.

Tags: InfraStrata plc