British Gas Industry Shows Dynamism Despite Problems

The British gas industry demonstrates its intention to take advantage of favourable policies, with new market movements on Monday.

‘InfraStrata, the independent petroleum exploration and gas storage company, is pleased to announce that, together with joint venture partners Corfe Energy Limited and Brigantes Energy Limited, it has signed an agreement with Southwestern Resources Limited with respect to offshore Dorset licence P1918,’ reads a note released in the morning.

Southwestern is a new company. Stakeholders want to tap opportunities in the UK, participating in oil and gas exploration and production in the country.   

‘Under the terms of the Agreement, Southwestern will acquire a 10% interest in the P1918 licence, subject to Department of Energy and Climate Change approval, in return for funding 100% of the next £500,000 of expenditure on the licence and thereafter funding its own share. In addition, it has been granted an exclusive option to acquire a further interest in the licence in return for funding future drilling activity.’

Following the approval by DECC, InfraStrata will hold 54% working interest. Corfe, Brigantes and Southwestern would control 19.80%, 16.20% and 10.00% respectively.  

InfraStrata has shares in both Corfe and Brigantes.

“We are delighted to welcome Southwestern to the joint venture as we enter the next exciting phase of exploration in the Wessex Basin of Southern England. The technical work programme over the next nine months to be funded by Southwestern will better define the discovered oil and gas and prospectivity on the licence,” Andrew Hindle, CEO of InfraStrata, commented.