LONDON (Alliance News) - Infrastrata PLC said Thursday that its Islandmagee gas storage project in Northern Ireland achieved "nearly" 70% of the pre-established front end engineering design milestones.
The company, focused on the development of gas storage capacity, said that the FEED which commenced in May, remains "on budget with no significant issues being uncovered".
The company completed the eleventh milestone, engineering design, with just five left.
Chief Executive Officer John Wood said: "Completion of the project's engineering design is a major fundamental milestone for InfraStrata."
"We still have some milestones left to complete prior to completing FEED, however, with the information we have to date we do not foresee any issues and expect to complete FEED on time and on budget."
InfraStrata shares were trading up 1.6% at 0.58 pence each.