2 Mar 2016 07:01
2 March 2016
InfraStrata plc
("InfraStrata" or the "Company")
Appointment of advisers for Islandmagee monetisation
The Board of InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce that two advisers have been appointed to assist with the monetisation of the Islandmagee gas storage project.
VSA Capital Ltd has been appointed to advise InfraStrata plc in relation to the monetisation process and Centrus Advisors LLP has been appointed by project company, Islandmagee Storage Limited, to support the process at a project level. Both appointments are effective from 1 March 2016.
Commenting on the announcement, Andrew Hindle, CEO of InfraStrata said:
"The appointment of the advisers today marks an important milestone for the Islandmagee gas storage project.
The recent announcement in January that we had been informed by the European Commission that the project has been provisionally selected for grant funding under the Connecting Europe Facility of 50% of the costs associated with Front End Engineering & Design ("FEED") up to €4 million further demonstrated the important credentials of the project.
To date over £11million has been invested in the project, to acquire 3D seismic data, drill a well to acquire salt cores, undertake engineering design work, acquire rights on the full land assembly, and obtain planning permission and other consents required to construct the project. The project partners, InfraStrata and Northern Ireland based Mutual Energy, are now seeking a company or companies able to take the strategically important project through the final stage of FEED and into full construction.
We look forward to working with Centrus and VSA (previously Joint Broker to the Company) in the coming months as we pursue a range of options to realise the best value for shareholders."
The Front End Engineering & Design (FEED) and Insitu Downhole Testing programme for the Islandmagee gas storage project is co-financed by the European Union's Connecting Europe Facility.
Disclaimer releasing the European Union from any liability in terms of the content of the dissemination materials:
"The sole responsibility of this publication lies with the author. The European Union is not responsible for any use that may be made of the information contained therein.
For further information please contact:
InfraStrata plc
Andrew Hindle, Chief Executive Officer +44 (0)20 8332 1200
Stewart McGarrity, Finance Director
Nominated Adviser and Broker - Allenby Capital Limited
Jeremy Porter / Alex Brearley / Liz Kirchner +44 (0) 20 3328 5656
Islandmagee Advisors
VSA Capital - Andrew Monk / Andrew Raca / James Asensio + 44 (0) 20 3005 5000
Centrus Advisors - Jason Murphy / Geoff Knight +353 (01) 234 2442 / 020 3846 5673
Notes to Editors:
Background on InfraStrata plc
InfraStrata is an independent petroleum exploration and gas storage company focused on Northern Ireland.
Further information is available on the Company's website www.infrastrata.co.uk.
Background on VSA Capital Ltd
VSA Capital Limited is a London based investment bank providing corporate finance and corporate broking services to companies operating in the natural resources sector.
Background on Centrus Advisors LLP
With offices in London and Dublin, Centrus provides treasury, corporate finance and structured finance advice and solutions, primarily to the residential and infrastructure sectors where they work with a range of public, non-profit and private sector clients.