Infrastrata has begun drilling at the Islandmagee-1 salt well in Northern Ireland.
Drilling operations at the site are expected to take five weeks and aim to confirm the feasibility of the development of an underground gas storage facility in salt caverns.
The firm has also signed a convertible loan deal with Infrastrata which will provide the company with €1.8 million and the option to convert the loan into a 15% stake in the Islandmagee project.
Andrew Hindle, Infrastrata chief executive, said: “We are pleased to report commencement of the drilling of the well at Islandmagee and look forward to updating shareholders with the initial results from the well at the end of June. The analysis of the Permian salt is an integral part in the development of the gas storage project.”
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