Share Name Share Symbol Market Type Share ISIN Share Description
Infrastrata LSE:INFA London Ordinary Share GB00B28YMP66 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.035p +5.47% 0.675p 0.65p 0.70p 0.675p 0.64p 0.64p 1,661,100 15:46:46
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil Equipment Services & Distribution 0.5 -0.2 0.0 16.9 2.54

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Date Time Title Posts
25/6/201721:32INFA the long haul814
20/6/201717:57DICKO BUYS INFA @ 30p, TARGET 165p15

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Infrastrata Daily Update: Infrastrata is listed in the Oil Equipment Services & Distribution sector of the London Stock Exchange with ticker INFA. The last closing price for Infrastrata was 0.64p.
Infrastrata has a 4 week average price of 0.53p and a 12 week average price of 0.46p.
The 1 year high share price is 26.77p while the 1 year low share price is currently 0.35p.
There are currently 376,041,599 shares in issue and the average daily traded volume is 489,881 shares. The market capitalisation of Infrastrata is £2,538,280.79.
cl0ckw0rk0range: Harry PotterYou clearly have not done your research on the individuals that are proposing the EGM.Why don't you do some proper research starting with the share price of #SML prior to Peter Wale joining the board and the share price now.Case in point.
cl0ckw0rk0range: Peter Wale of #SML fame look where he took that share price not your run of the mill AIM director and he has significant skin in the game here..
cl0ckw0rk0range: Looking at the chats and depressed share price when news lands this is going to fly. I had a 2.5p target but with 10p broker target have revised this higher.
howdlep: 2 April 2015 InfraStrata* (INFA LN) – Gas storage sector newsflow Buy CP 2.9p TP 36p Key Points: There have been two pieces of newsflow lately in the UK gas storage space that pertain to InfraStrata and the company’s Islandmagee project in Northern Ireland. First is news that due to technical issues with some of the facility’s wells Centrica is shutting in 29% of storage capacity (c.1,000mcm) at its Rough facility in the North Sea. Second news that SSE has decided to mothball a third of the 18mcm/d of withdrawal capacity at its Hornsea facility in Yorkshire given the operating, maintenance and upgrading costs of the older parts of the facility compared to contemporary storage prices. At first glance these developments can look negative for UK storage and this perception may have been a contributory factor to the drift in the InfraStrata stock price in the past few days. There are several points we would make here as to why this does not apply to InfraStrata however and hence why the price fall is unjustified. First both Rough and Hornsea are facilities that operate by taking in gas in the summer when it is cheaper and withdrawing this in the winter when it is dearer. As such the spread between summer and winter UK gas prices is the key driver of profitability. We know that this spread has fallen sharply from the highs of 2006/07 and this shutting in of capacity at Rough and Hornsea could be the result. It’s worth noting that both facilities are ageing and hence costs may be higher than for new facilities squeezing margins and possibly helping drive the shut-in. Second InfraStrata’s Islandmagee facility is aimed at a completely different section of the market to Rough and Hornsea. The project is specifically designed to allow fast injection and withdrawal on a daily basis. This is helpful for the UK in that with the decline of the North Sea reliance is increasingly on pipeline and LNG imports. When supplies are squeezed these can take time to come through so fast acting storage is ideal to help in plugging this gap (where summer/winter storage has been marginalised). Islandmagee is well placed to profit here and we would expect the analogous Stublach facility in Cheshire (owned by GdF) to be experiencing solid demand since it began to come onstream in late 2014. Indeed were market conditions to warrant it Islandmagee could potentially increase its injection/withdrawal capabilities in the final facility design. As such the shut-ins at Hornsea and Rough are of little direct relevance to Islandmagee other than that they could draw attention to the UK gas storage sector and potentially persuade the government to provide more assistance which could have a positive spillover effect into InfraStrata’s section of the gas storage market. Third and finally InfraStrata’s specific position in Northern Ireland makes it even more valuable from the point of view of providing fast response gas when supplies are squeezed. Both Northern Ireland and Eire get the majority of gas via export pipelines from the rest of the UK (complemented by some indigenous production). There is no LNG import capacity and all of the interconnectors run from Moffat in Scotland. Capacity at Moffat is limited and this could create even more acute supply constraints at times of relatively high demand going forward particularly as Northern Ireland and Eire’s reliance on renewables (and hence gas fired power to plug any gap) increases. As such it is not just Islandmagee’s general location in the UK but its specific location in Northern Ireland that gives value to the project’s fast cycle design as it allows the project to both support general short-term supply issues in mainland UK and the specific issues found in Northern Ireland and Eire. InfraStrata is due to release its interim results on Tuesday 28 April. Forecasts: Jul 2015 Sales £0.25m, PBT (£1.09m), EPS (0.87p) Jul 2016 Sales £0.25m, PBT (£1.14m), EPS (0.75p) Valuation: Risked SOTP NAV of 36p/share (149p/share unrisked) Conclusion: We remain with our positive stance on InfraStrata. As detailed above in our view the shut-ins at Hornsea and Rough do not imply pressure on the fast cycle section of the gas storage market that InfraStrata is aiming at. Indeed the continued progression of construction at Stublach supports a buoyant market here. We continue to expect newsflow from the test well on Islandmagee to spud in May followed by engineering work and hopefully FID in early 2016: this work programme is fully funded. There is also an exploration well planned on PL1/10 in Northern Ireland in October and another on P1918 in Dorset in early 2016. As such we are entering an increasingly busy period for InfraStrata with increasing material newsflow that could drive the share price. We have a Buy recommendation and 36p price target. Analyst: Daniel Slater 020 7614 5947 *Arden Partners acts as broker to this company
c2b: The sell-off today seems over-done. We should not forget that 35% shareholders in the gas storage project are Mutual Energy, the significant mutual company that owns the Scotland to N.I. gas pipeline and the electricity inter-connector. They issued a press release as follows Previously we were told that BP were committed to funding the first trial well, so as part of their withdrawal one would suspect that there is an equivalent sum of money left in the kitty. As the gas storage facility would be so close to the pipeline it is hard to see it not being built in some form. In any case this is a company of mkt cap £9.8m with planned drilling in Sept targeting 10m bboe out of 100m bboe in the P1918 license off the Dorset coast, and separately 40m bboe out of 450m bboe in the Larne-Lough Neagh Basin in N. Ireland, with further prospects in the recently granted N.I. off-shore block for later. Debt free, and cautiously run, we might expect farm-out announcements to drive the share price up again in the very near future. DYOR
bingham: oh yes just like Portland. And what`s happened in the past 8 years, apart from the dramatic fall in share price?????
megabear: Has there been any news yet? Or does anyone know what is expected? Share price rising nicely.
eacn: The CS share overhang has been cleared much more quickly than I had expected, which is a positive for the share price. The going concern statement in the recent RNS, however, should not be ignored: the auditors note that the business has insufficient cash to meet its liabilities, whereas the directors take the view that they will be able to raise sufficient cash through the sale of assets to meet these liabilities as they fall due. The directors' record when it comes to predicting asset sales speaks for itself.
clearsoup: Life is like the INFA share price: it has its ups and downs.
eacn: Notes from the Infrastrata Interims Presentation 20.02.10 Notes on the accounts: Current assets £3.67m, mainly in cash (£3.48m). Current liabilities £1.79m, but more than 50% only becomes payable when the project is funded (see note below). The £0.3m debenture in favour of Hydrock has been redeemed. Current liabilities include £870k of trade and staff creditors (PAYE etc.) The inclusion of items contingent upon funding under the current liabilities heading implies that the board takes the view that funding will occur within the next 12 months. This is a positive sign. However, it is not the first time that current liabilities have included items contingent upon funding within 12 months, which has previously led some investors, myself included, to believe that we could expect funding discussions to be complete by end Q2 2010. The company claims not to have led the market to anticipate any particular timetable for completion of funding for Portland, but the FD admitted that the current liabilities line could have given such an impression, albeit indirectly. The board is aware of the signal sent out by the inclusion of these items in current liabilities and I therefore conclude that the board and its advisors believe that there is a strong possibility of funding within 12 months. Net cash at the end of March 2010 was £2m (cash in bank less short term liabilities). Overheads are down by 27% compared to the previous half at £648k versus £894k last time, a reasonable proportion of which relates to non cash option expenses. Committed expenditure is £150k per annum. The Andalusian and German commitments are minimal and the intention is to cover any cash calls via farm outs or equity sales in these projects. The impression given was that the company was therefore in a position to fund itself from current cash resources for another 12 months without further recourse to shareholders. Notes on project funding Hindle was at pains to stress that the co-operation group is not a consortia. INFA is keen to stimulate competition between group members so as to maximise the value of Portland when they finally get round to auctioning off capacity. They hope to do that in Q3 2010, but first the group needs to complete its due diligence and agree upon the ownership and operating rules for the facility. That is more onerous than it may at first seem since there are few multi-owner gas storage facilities in the world, and none operational in the UK (to the best of my knowledge). Since the operating rules will need to reflect the realities of the UK gas market, and this market is currently in flux as a result of the decline in North Sea supplies and the rise of LNG, I can imagine agreeing an operating framework is proving something of a challenge. This is not like Rough or Hornsea, where there is a single owner and capacity is sold into the market. Hindle says that the group is negotiating a shareholder agreement and operating rules in parallel with the due diligence exercise. He stated that the due diligence exercise is of a purely technical nature and does not involve due diligence on the future of the UK gas market. The company expects the technical due diligence to be complete in Q3 and that the framework shareholders agreement and operating rules will also have been agreed at some point in Q3. At that point there will be a competitive auction between group members to determine their respective appetite for capacity. INFA needs to create competitive tension between group members during this auction so as to maximise the price paid for equity in the Portland project and minimise dilution for INFA shareholders. Clearly this will depend upon group members having a positive view on the future for gas storage in the UK. Hindle claims that while there has been some reduction in gas price volatility since 2007, which is an important revenue earner for Portland (it drives the extrinsic value), summer-winter price differentials remain between 10p and 12p even though the gas price has fallen, allowing existing operators such as Rough (a long term facility which generates revenue from these intrinsic price differentials) to broadly maintain prices. Hindle also believes that, despite significant new and planned LNG capacity in the UK (see the Wood Mackensie report on the INFA web site for further details), the decline in North Sea production will none-the-less lead in future to increased gas price volatility, particularly if the drive for renewables is genuine, since wind, the dominant UK renewable, is fickle and leads to much greater volatility of supply. With nuclear many years away, gas power generation is going to increasingly dominate UK supply in the period from 2014 to 2020, which is the key period influencing the NPV of the Portland project. With the interconnectors unlikely to generate a material net inflow of gas before 2020, this second 'dash for gas' should be good for the extrinsic component of gas storage prices, which is where Portland scores. A secondary factor is security of supply. With all political parties either promising to legislate to encourage gas storage (the Conservatives) or adopt / support the recent Ofgem review recommendations (Liberals and Labour), it is likely that either there will be a regulatory obligation for gas market participants to have leased storage or that gas prices will no longer be capped during shortages, creating a strong market incentive to invest in storage (this is the Ofgem proposal - at present contractual prices are frozen during network shortages preventing true price discovery during such episodes: if these controls were lifted the argument for gas market participants to have purchased gas storage capacity as an insurance policy would be overwhelming). If the political parties see through their manifesto / election call pledges INFA will be in a position to create very significant competitive tension between group members since the UK storage capacity is currently so limited and the number of proposed independent facilities is so small. Hindle also sees last year's budget as positive for UK gas storage, with significant tax concessions on cushion gas and salt cavern drilling (see previous posts of mine). While the drilling concessions are still to be finalised, Hindle implies that they were likely to be equivalent to a 10% per annum capital allowance, which is similar to that available for drilling of acquifers. These allowances would have a material impact on the INFA models for both Larne and Portland (drilling costs are £100m at Portland and £30m at Larne - I recall that Larne also involves circa £50m of cushion gas) and are not currently included in the models published on the INFA web site. Critique I am not as bullish as Hindle on the future pricing in the gas storage market, but then again what do I know. I expect the push for renewables in the UK to fizzle out (the economics don't make sense) and I am increasingly of the view that LNG will take up the slack created by the demise of domestic gas production. That said, I still believe that the Portland facility can over the cycle generate revenues of between 30p and 40p a therm, which is more than sufficient to support a valuation of 200p a share for Portland alone. Larne The more I see of this project the better it looks. To summarise the drill site is next door to the sole interconnector into the Irish gas network with a gas power station on the doorstep. The company is now looking for a farm out to cover the £6m of funding required to bring this to the decision point for financial investment, and I would expect that funding to be raised without too much difficulty if the company is prepared to be realistic on dilution. Planning, while never a done deal, looks less challenging here than at Portland. The planning environment in N Ireland is more favourable than in the UK, with strategic projects covered by a central authority (similar to that proposed for the UK). The south north pipeline took 40 weeks and it would therefore seem realistic to expect a result here within a year, subject to funding. I prefer the farm out model to the multi-party approach at Portland. With the Irish market totally dependent on imported gas my conclusion is that Larne, even in its current unpermitted form, has to be worth at least 50p. Conclusion As I have said before, this share is not for widows or orphans and requires great patience. But for those willing to wait, I continue to believe that there will be significant rewards. Whatever the outcome, even if Portland funding fails to materialise, this company has to be worth at least 75p, so in the final analysis (i.e. takeover) the downside is limited. That said I would expect the price to drift downward over coming months because of a lack of newsflow. For the brave that will represent a further buying opportunity. However, a key question for investors remains how this stock will be priced if and when INFA does obtain funding. Because the company is committed to retaining an interest in the gas storage projects it has identified there is a danger that the stock will be mis-priced for some time to come. Ownership of holdings in future utilities is all very well but until they generate cashflow my guess is that the utility component will be valued at a considerable discount to the NPV of those future cashflows. I would prefer INFA to get funding and then sell on their interest because that will improve ROE for shareholders, but there are no signs currently that the board accept that view. In this regard, my hope is that once Portland get funding Credit Suisse will flex their muscles and force a sale. Given that background my guess is that on funding the share price may reach 200p, but not the 400p many feel justified. That would require a sale of INFA's interest in Portland and a positive planning decision at Larne. Even without a Portland sale, a planning result at with Larne in Q2 2011 could push the price on beyond 250p towards 300p, provided that the gas market remained favourable. Finally, a correction. I had always assumed that EIB approval would come before funding for Portland was agreed, but according to the company that is not the case. Apparently EIB funding cannot be given until the participants in the project are known, since the terms of the loan will depend upon the credit worthiness of the project's owners. All imho DYOR etc.
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