LONDON (Alliance News) - InfraStrata PLC said Monday that its Islandmagee gas storage project in Northern Ireland achieved 81% of the pre-established front end engineering design milestones.
The company said that the FEED, which commenced in May, remains "on budget with no significant issues having arisen".
The company has completed the 12th and 13th milestone, with just three left.
Chief Executive Officer John Wood said: "We are pleased to have completed the final elements of material testing and to have finalised the cavern design. We look forward to receiving the FEED deliverables and the final estimates in November."
"Our detailed discussions with potential project equity funders and off take partners continue."
InfraStrata shares were trading up 7.9% at 0.62 pence each.