Company behind Woodburn exploratory oil drill seeking short-term funding to secure future
THE company behind an exploratory oil drill in Co Antrim last year has indicated that it may need to consider whether the firm "can continue as a going concern".
InfraStrata, which abandoned work at Woodburn Forest in Carrickfergus in June 2016 after finding no oil, has said that its board "will need to consider" the company's future if short-term funding is not secured this month.
The firm, which has recently undergone board changes and a re-structuring, is currently involved in developing a gas storage project in Islandmagee.
In November, InfraStrata announced that it had selected contractors and agreed associated loan funding for part of the Islandmagee project.
However, in a statement on its website this week, it said: "The company is in advanced stages of negotiations for potential debt funding to be provided in the short term.
"The board currently believes this proposed debt funding will be sufficient, with existing funds, to meet InfraStrata’s minimum levels of corporate costs to the end of 2017, but the progression of the Front-End Engineering Design (contractors) will require the securing of additional funding.
"It is emphasised that there can be no certainty regarding the timing of the conclusion of any of the company’s current fundraising negotiations, the terms of such funding and/or whether any new funding will ultimately be secured."
The company added: "Should short-term funding not be forthcoming during January, then the board will need to consider whether the company can continue as a going concern. Further announcements will be made in due course as appropriate."