LONDON (Alliance News) - Oil exploration and gas storage company InfraStrata PLC on Friday said its Islandmagee gas storage project has been provisionally selected for grand funding by the European Commission.
The company, which is focused on the project in Northern Ireland, said the grant funding from the European Commission would be for 50% of the costs associated with the front-end engineering and design process of the drilling to a maximum of EUR4.0 million. InfraStrata said its project was among 15 to be selected.
A grant will be provided under the Connecting Europe Facility and is part of the European Commission's proposal to invest EUR217 million in key trans-European energy infrastructure projects.
InfraStrata had previously received a grant from the European Union for EUR2.5 million for the drilling of its Islandmagee-1 well.
"We are delighted that the benefits of this gas storage project have been further recognised by the European Union by inclusion of the project in a list of 15 projects with approval for additional grant funding," said Chief Executive Andrew Hindle.
InfraStrata shares were down 0.6% at 1.367 pence on Friday afternoon.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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