LONDON (Alliance News) - Natural gas storage company Infrastrata PLC said on Monday it has exercised historic options to purchase land required to advance its Islandmagee gas storage project.
InfraStrata subsidiary Islandmagee currently holds several options to purchase certain areas of land where the project will be located and on which the proposals and design are based, including the location of the surface facilities.
Infrastrata will now acquire the plots of land as the company aims to secure funding to move to the construction phase next year.
Lots 1,1.1 and 2 will be acquired for GBP270,000 in total, and the purchases will be completed on April 15, 2019.
Lots 5 and 5.1 will be bought for GBP283,802 in total, with those two acquisitions expected to be completed at the end of 2018.
Infrastrata will use its existing cash resources to fund the purchase of lots 5 and 5.1, and is currently looking for new sources of funding to acquire lots 1, 1.1 and 2.
"Exercising Islandmagee Energy's historic options to purchase the various parcels of land is another stream of work that needed to be completed prior to equity and debt funding for the project being put in place. Advanced discussions surrounding these workstreams continue at pace," said Chief Executive Officer John Wood.
Shares in Infrastrata were down 2.5% at 0.546 pence on Monday.
