The Company also reports that it has entered into an option agreement with Palace Exploration (United Kingdom) Limited that allows IFR to increase its interest in Quad 14 acreage by 25%. In consideration for the option the Company will place US$500,000 in escrow. The escrow funds are refundable should the Company exercise the option to pay an additional 25% of the 14/28-A well costs. In the event the Company does not exercise the option the escrow funds will be released to Palace Exploration (United Kingdom) Limited.
The 14/28-A drilling location on the Laurel Valley Prospect was selected based on the interpretation of a recently acquired proprietary 3-D seismic survey shot jointly with Nexen. The well will evaluate prospective Cretaceous and two separate Jurassic oil reservoirs.
The addition of the Quad 14 acreage combined with the Company's recently acquired North Sea block 12/17 complements the Company's strategy of building a portfolio of high impact exploration opportunities in the United Kingdom Continental Shelf to compliment its activities in the Northwest Territories Canada.
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