InfraStrata Farms Out Additional Interest in P1918 to Corfe

InfraStrata plc, the independent gas storage and petroleum exploration company, is pleased to announce that it has farmed out a further 8% interest in English Channel licence P1918 to Corfe Energy Limited (Corfe). Under the terms of the agreement Corfe will carry the first £96,000 of InfraStrata’s expenditure under the licence.

Subject to the approval of the Department of Energy and Climate Change the interests in the licence following the assignment will be: InfraStrata 70% (operator; Corfe Energy Limited 20%; and Nautical Petroleum 10 %.

Commenting on the farmout to Corfe, Andrew Hindle, CEO of InfraStrata plc said:

“The farmout to Corfe is part of InfraStrata’s strategy to bring investment into its projects and de-risk its programme. This investment by Corfe will fund the project through the initial technical work programme on the licence. There are several existing and undeveloped oil and gas discoveries within the licence which will be evaluated initially through reprocessing of existing seismic data acquired primarily in the 1980s.”

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