LONDON (Alliance News) - Infrastrata PLC on Monday said it will exercise and complete the easement options needed for its Islandmagee gas storage project in Northern Ireland.
Shares in the gas storage company were down 5.0% at 0.82 pence on Monday.
An easement is a right to use or enter another person's land without assuming ownership.
The company has served notice to exercise and complete the options, which include land where the pipelines will run and where the Islandmagee proposals are located.
Infrastrata has been paying an annual fee in order to retain the options to acquire the easements "for several years", the cost of which has not been disclosed. It will now pay GBP87,000 to exercise the options and acquire the easements.
Infrastrata Chief Executive John Wood said: "As we proceed forward the number of active works streams is reducing, thus allowing us to bring all final work streams together. We continue to make good progress on all the key elements of equity, debt and offtake and expect the construction tender results to be returned by March 25. As previously indicated all our negotiations with equity partners include recovery of costs invested to date whilst we undertake various project de-risking activities, for improving our negotiating position."