LONDON (Alliance News) - Infrastrata PLC said Thursday it has signed a contract with DEEP.KBB Gmbh for subsurface work at the Islandmagee gas storage project.
Under the terms of the contract, Infrastrata will carry out the subsurface element of the front end engineering and design for the gas storage project during the current year, and it will do this once DEEP.KBB has finished its own work.
"We are delighted to confirm that we have now signed the other key contract for the front end engineering and design programme with DEEP.KBB, which is a highly-regarded expert in the development of salt cavern storage facilities," Chief Executive Officer Adrian Pocock said.
"The company is now moving forward to complete the front end engineering and design this year and continues negotiations and discussions with third parties in respect of construction and commercialisation of this significant infrastructure project."
Infrastrata shares closed 21% up at 0.47 pence.