INFA.L Share News (INFA)

(Sharecast News) - InfraStrata updated the market on the water abstraction licence, discharge consent, and subsequent marine licence application at the Islandmagee Gas Storage Project on Wednesday.
The AIM-traded firm said that during recent weeks, it had been in discussions with the various regulatory authorities in relation to the existing abstraction licence, discharge consent and draft marine construction licence.

While it said it did not necessarily agree that further review was required on the basis of legal advice, it had agreed with the relevant authorities that an additional period of review would be undertaken in relation to the existing abstraction licence and discharge consent, which would complement the overall marine licence.

It said the advertised documents would contain no material change from those previously provided.

The advertisements would be placed shortly, and no further information or in-person consultations would be required by the company.

After that process was complete, it was likely that a determination on the marine licence would be made around the first quarter of 2021.

While that process and decision-making was not within the company's control, InfraStrata said that was its current view on timescales, following the recent agreements reached with authorities.

"Having enjoyed productive discussions with the authorities to reach a mutually agreeable way forward, it is good to gain some clarity around the timescales and see the process moving forward to enable a determination on the marine licence being made," said chief executive officer John Wood.

"We remain firmly committed to see this project constructed and help provide Northern Ireland, the Island of Ireland and the wider UK with security of energy supply for the future in an environmentally compliant way."

At 1538 GMT, shares in InfraStrata were down 2.89% at 47.1p.