InfraStrata and Carstone Exploration have signed a new ventures exploration joint bidding agreement.

Under the terms of the accord, InfraStrata will work together with Carstone to identify early stage opportunities using their expertise and experience.

The two companies, which each company will hold 50% of the available license stake in each new venture, will focus on growing an exploration portfolio as part of investment strategy aimed at high impact exploration opportunities.

Additionally, the team will work together to capture opportunities in lease rounds, in line with Infrastrata’s existing strategy, and will seek quality farm-in partners to fund the exploration drilling costs.

InfraStrata CEO Andrew Hindle said, "This new venture provides InfraStrata with an excellent opportunity to work with a very successful team of explorationists with a view to securing new opportunities at little marginal cost."

Based at InfraStrata’s head office, joint venture team excludes the existing core areas of InfraStrata in Northern Ireland and Southern England.