Petroleum exploration and gas storage firm InfraStrata has signed an agreement with Larne Oil and Gas over onshore Northern Ireland licence PL1/10, as well as adjacent offshore licence P2123.
InfraStrata signed the exploration agreement with its joint venture (JV) partners Brigantes Energy and Terrain Energy.
Larne is working in collaboration with the UK-based exploration firm Ardent Oil, which is offering technical support to the company.
As per the deal, Larne has an exclusive option for interests in both licences.
Larne will fund a disproportionate share of the forthcoming costs of the proposed Woodburn Forest-1 exploration well, in order to earn a 50% interest in the PL1/10 licence.
Larne will also get a 50% interest in the P2123 licence by reimbursing its share of certain costs at the licence to the partners.
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By GlobalDataIf the option is exercised, InfraStrata will hold 20.83% interest, Brigantes will own 16.67%, Terrain will hold 12.5% and Larne will have acquired a 50% stake in both licences.
The conventional Woodburn Forest-1 oil and gas exploration well is planned to be drilled to a total depth of 2,000m, targeting sandstone reservoirs of Triassic, Permian and Carboniferous regions.
The JV estimates combined prospective resources for the Triassic and Permian reservoirs to be 40 million barrels of oil.
