LONDON (Alliance News) - Infrastrata PLC on Thursday said it completed the front end engineering design study at its Islandmagee gas storage project in Northern Ireland.
The FEED study which commenced in May 2018 has been completed in full as contracted, having been delivered on budget and ahead of time, the firm added.
As part of the study, a P90 cost estimate has been undertaken. Phase 1 is estimated to cost GBP114 million and Phase 2 GBP265 million, with an additional risk allowance of GBP11.6 million for both phases.
InfraStrata said it is continuing to work with several partners to secure funding for the project.
"P90 values are established to provide a high level of confidence such that the project outturn cost will have a 90% chance to be below this estimate and a 10% chance above," the company said.
InfraStrata shares were trading up 2.3% at 0.68 pence each on Thursday afternoon.