26 Jul 2018 07:00
26 July 2018
InfraStrata plc
("InfraStrata" or the "Company")
Appointment of Non-Executive Director
InfraStrata plc (AIM: INFA), the UK quoted company focused on the development of natural gas storage capacity, is pleased to announce that the Company has made a key appointment to the Board of Directors with the appointment of Arun Suri Raman as a Non-Executive Director, with immediate effect.
Arun Raman has spent the past 20 years within the commodities and infrastructure sector. While at Star Energy Group plc (now known as Petronas Energy Trading Ltd.), Arun was responsible for commercialising its 10BCF Humbly Grove Underground Gas Storage Project, including the negotiation and commercial delivery of the Gas Storage Agreement with Vitol SA as the capacity offtake client. He also negotiated and executed agreements with the National Grid in relation to physical gas flows between the Humbly Grove gas storage facility and the National Transmission System. On the trading side, Arun set up trading desks for natural gas, power and carbon emissions for the group.
Following on from there, Arun was hired by Vitol Services Ltd. in London where he was actively trading carbon emissions and other commodities. Arun specialises in commercial negotiations and monetising assets underpinned by commodity flows as well as trading of commodities around such assets.
Arun is a qualified Chartered Accountant having completed his training with PricewaterhouseCoopers and Citibank N.A. in India. He has been a member of the Institute of Chartered Accountants of India for the last 17 years post qualification. He also holds the designation of Certified Internal Auditor awarded to him by the Institute of Internal Auditors, Florida, USA. As a result of his qualifications, Arun will chair the Audit Committee of InfraStrata plc.
Welcoming the appointment, Chief Executive Adrian Pocock stated:
"We are very pleased to welcome Arun to the Board of InfraStrata. Arun is a highly qualified accountant whose skills will complement those of the Board and unusually, has a great deal of experience in the development of gas storage facilities and the trading of gas. His expertise will be integral to our ongoing commercialisation discussions and negotiations for InfraStrata's Islandmagee gas storage project.
His knowledge and experience of the day to day operating challenges and the maximisation of profitability for similar projects to Islandmagee will be invaluable to the Board and to shareholders."
Arun Suri Raman (also known as 'Raman Arun Suri Suryanarayan'), aged 40, is, or has during the last five years been, a director or partner of the following companies and partnerships:
Current directorships/partnerships | Past directorships/partnerships |
Geo Global Resources Limited
Mira Energy Group Limited
Brook Online Limited
Helm Natural Resources Madagascar SARL | APR Capital LLP
Geo Global Group Limited*
Sun Resources (UK) Private Limited
AACE Corn Limited |
*Mr Raman is considered a past director of Geo Global Group Limited pursuant to the definition within the AIM Rules for Companies but this was not a statutory directorship position.
For further information, please contact:
InfraStrata plc Adrian Pocock, Chief Executive
| c/o Yellow Jersey +44 (0)20 3735 8825 |
Allenby Capital Limited (AIM Nominated Adviser & Joint Broker) Jeremy Porter / Alex Brearley / Liz Kirchner
| +44 (0)20 3328 5656 |
SI Capital Limited (Joint Broker) Nick Emerson
| +44 (0) 20 3871 4038 |
Yellow Jersey Tim Thomson | +44 (0)20 3735 8825 |
-ENDS-
Notes to editors:
InfraStrata is an independent gas storage company focused on the UK and Ireland. Further information is available on the Company's website: www.infrastrata.co.uk.
Background on the Islandmagee Storage Project
The Islandmagee gas storage project is a proposed salt cavern gas storage facility located on Islandmagee in County Antrim, Northern Ireland. The Board of InfraStrata believes that the proposed 500 million cubic metres Natural Gas Cavern Storage facility will provide over 25% of the UK's Natural Gas Storage once constructed, and will be situated adjacent to the Scotland Northern Ireland (gas) Pipeline (SNIP) and the Moyle 500 Megawatt Electricity Interconnector. Work commenced in 2007 with the acquisition of 3D seismic data to image the Permian salt in the Larne Lough area. During 2012, planning permission was granted for the project and a gas storage licence was issued by the Utility Regulator. In 2015 a well was drilled to core the salt and confirm the technical feasibility of the project, supported in part by the European Commission. The Front End Engineering and Design (FEED) element of the Project is scheduled for completion by the end of 2018. To date approximately £11.5m has been invested in the project.
Further information is available on the company's website: www.infrastrata.co.uk
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."