INFA.L Share News (INFA)

(Sharecast News) - Natural gas storage development company InfraStrata updated the market on its front-end engineering design (FEED) progress on Monday, having now achieved over 50% of the pre-established milestones.The AIM-traded firm said the FEED commenced in May, and was scheduled to be delivered in accordance with the EU grant provisions by no later than December.It said the FEED was being delivered "on time and on budget" by its supply chain partners.The board claimed that, to date, there had been no significant design issues that would prevent the project being constructed as planned in order to meet its key objectives."Since I commenced working with InfraStrata in February we have made tremendous progress in terms of contracting and progressing the FEED, which is being undertaken by global experts in their field," said chief operating officer John Wood."Reaching the expression of interest stage is a significant milestone for InfraStrata as we move towards the funding and construction stage of the project."As FEED has progressed, I have been spending time in conjunction with the rest of the board to realign our processes and procedures to be ready for the construction phase of the project."