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https://renews.biz/61115/simec-atlantis-secures-12mw-french-tidal-lease/
SIMEC Atlantis Energy, up 11%. The renewable energy company said it has obtained prefecture approval for the transfer of the lease to develop a 12 megawatt tidal power project in Raz Blanchard to Normandie Hydroliennes from Engie. Prefecture de la Manche in Normandy, France has approved the transfer. Normandie Hydroliennes is a marine energy development company set up among Atlantis, the Development Agency for Normandy, the regional agency for economic development in Normandy, the regional investment fund Normandie Participations and local industrial group EFINOR.
(Alliance News) - SIMEC Atlantis Energy Ltd on Monday said it has obtained prefecture approval for the transfer of the lease to develop a 12 megawatt tidal power project in Raz Blanchard to Normandie Hydroliennes from Engie SA.
Shares in SIMEC were up 11% at 11.67 pence in London in morning trading.
Prefecture de la Manche in Normandy, France has approved the transfer. Normandie Hydroliennes is a marine energy development company set up among Atlantis, the Development Agency for Normandy, the regional agency for economic development in Normandy, the regional investment fund Normandie Participations and local industrial group EFINOR."
Normandie Hydroliennes has been working for the past 12 months with the French Environmental & Energy Management Agency as well as relevant government ministries in order to get the approvals needed to transfer the first stage of the possible "multi-hundred-megawatt project marine energy project" to be built in Raz Blanchard.
Raz Blanchard in lower Normandy is the strongest tidal current in France and accounts for 50% of national tidal power potential. As 49% owner of the joint venture, SIMEC Atlantis it the main shareholder and plans to expand the collaboration to create a larger tidal project in the territorial waters around Normandy and Alderney.
The long-term goals for Normandie Hydroliennes is to harness as much as 2 gigawatts of power from the Alderney Race - an eight-mile strait running between Alderney, part of the Channel Islands, and La Hague in France. It also plans to harness over a gigawatt of resource from nearby concessions under control of the states of Alderney.
By Anna Farley; annafarley@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Normandy Prefecture approves transfer of 12MW tidal power development lease from Engie to Normandie Hydroliennes
SIMEC Atlantis Energy Limited ("Atlantis") is pleased to announce that the Prefecture de la Manche has approved the transfer of the lease to develop a 12MW tidal power project in Raz Blanchard from ENGIE to Normandie Hydroliennes. Normandie Hydroliennes is the marine energy development company set up between Atlantis, the Development Agency for Normandy (AD Normandie), the regional agency for economic development in Normandy, the regional investment fund Normandie Participations and local industrial group EFINOR, which provides high end engineering services and manufacturing support for the naval, nuclear, and aerospace industries.
Normandie Hydroliennes has been working with the French Environmental and Energy Management Agency (ADEME) and all relevant government ministries over the past 12 months to obtain the relevant approvals for the transfer for what will be the first stage of a potential multi-hundred-megawatt project marine energy project in Raz Blanchard.
Raz Blanchard, Lower Normandy, is France's strongest tidal current and holds 50% of the national tidal power potential. Owning 49% of the JV, Atlantis is the main shareholder and is seeking to expand this collaboration into a larger tidal project in Normandy and Alderney territorial waters. Normandie Hydroliennes has the long-term goal to harness up to 2GW of power from the Alderney Race, the eight-mile strait that runs between Alderney and La Hague, France, as well as more than 1GW of resource from adjacent concessions under the control of the States of Alderney.
Tim Cornelius, CEO of SIMEC Atlantis Energy, commented:
"We are delighted to have received the relevant approvals to transfer this lease which will allow us to now immediately progress with the development of one of the largest tidal power arrays in Europe. The territorial waters of Normandy have huge untapped tidal power resource and material progress can now be made in setting up the infrastructure and supply chain required in Normandy to deliver this €50+m project. This approval will allow us to get on with the task of delivering sustainable power to this region while also creating local jobs and attracting substantial investment in the area. Normandie Hydrolienne is committed to ensuring that this array is the catalyst for the installation and delivery of at least 1GW of operational capacity in the Alderney Race, which could be quickly expanded to 2GW with the right investment, government support and collaboration with developers from across France."
Yes - for sure the 4p per share range give-or-take before Exploitation os realistic (given market restraints such as the 10% gang always happy to take their small profits quickly)
But I do think Exploitation will be with us prior to year-end. at which time SP will go skywards rapidly- imho
What a load of nonsense. Certainly this is a waiting game, until the Exploitation License procedure has gone through the various stages to being implemented and approved, which is taking far too long, but is necessary. Flash- news = there is no death spiral. We have sufficient cash to see us through to Q2 of 2021. By which time certain things will have happened.
1) partnerships will have been arranged
2) possibility of farm-in arrangements set-up
3) interested parties will have taken on certain of our assets, for cash or other considerations.
4) Exploitation and other Licenses will have been granted
5) Detailed plans for 2021 drilling operations will have been announced
6) Hook-up to PetroChina distribution of our oil from Heron-1 and other Heron potential discoveries will have been secured
7) other as yet unknown - will have been announced
All in my opinion - do your own research always
My expectation of 12p by year-end is still valid.
The Block XX Exploitation Licence application continues to progress through the government's approval process and is now with expert auditors appointed by the Ministry of Mining and Heavy Industry.
· Plan of Development documentation is nearing completion and will be ready for submission to the Ministry once the Reserves Report has been approved.