(Alliance News) - InfraStrata PLC on Monday said pre-construction marine baseline field work on its Islandmagee gas storage project in Northern Ireland is complete, adding that it is on schedule for conversion of the Islandmagee draft marine licence to a full marine licence.
Shares in InfraStrata were down 6.6% at 0.42 pence in London in afternoon trading.
InfraStrata is in talks with the Department for Agriculture, Environment & Rural Affairs in Northern Ireland as it works to convert the licence.
Meanwhile, the pre-construction marine baseline field work is complete, and results so far are either aligned with or better than indicated by previous data, InfraStrata said.
This puts Islandmagee in the final phase of pre-construction activity. The firm said negotiations with its equity partner are now in their advanced stage and are set to complete as part of the final investment decision.
InfraStrata Chief Executive John Wood said: "Our work is progressing at pace. As we have set out today, we have a defined plan to deliver the workstreams required by the end of the year in order to make the final investment decision and to commence construction in 2020. Having followed due process, we are confident that we will receive the marine licence, which will represent a key project milestone. We are committed to developing it in a way which benefits the local communities and environment in which we operate. When delivered, this project will dramatically enhance the UK's energy resilience."
