Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Infrastrata pares first-half loss
Gas storage play Infrastrata has cut interim losses 17.5 per cent to £636,552 as it prepares to farm out its key project.
Formerly Portland Gas, the Surrey-based company has been talking to a group of potential investors in its wholly-owned 1 billion cubic-metre Portland gas storage project in caverns under the sea off the Dorset coast for some months and says it expects them to have completed their due diligence by the end of September. Chief executive officer Andrew Hindle says Portland, which could cost an estimated £450 million to build, has capacity to hold 1 per cent of UK gas demand.
Infrastrata, which raised £2.5 million at £1 in November and ended the six months to January with cash down from £4.8 million a year earlier to £3.5 million, hopes to have Portland, which has full planning consent, under construction in the fourth quarter of this year, says Hindle. He explains utilities, gas importers and traders are looking for storage space as Britain switches from being an exporter to an importer of gas.
Credit Suisse owns 22.5 per cent of AIM-quoted Infrastrata, which also has 65 per cent of the 500 million cubic-metre Islandmagee storage facility below Larne Lough in Northern Ireland. Hindle argues the company, which last month applied for planning permission, will need to spend £6 million on Islandmagee to take it to a ‘financial decision point’.
Shares in Infrastrata, which is also hoping to develop projects in Germany and Spain, have fluctuated between 134.5p and 55.75p over the past year. They now change hands at 78.5p, valuing the company at £58 million.
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