19 Dec 2018 07:00
19 December 2018
InfraStrata plc
("InfraStrata" or the "Company")
Board Change
InfraStrata plc (AIM: INFA), the UK quoted company focused on the development of natural gas storage capacity, announces that Matthew Beardmore has provided notice to the Company of his resignation as a Non-Executive Director of the Company. Matthew has reluctantly had to tender his resignation (initiating a one-month notice period from 18 December 2018) due to an ongoing serious illness of a close family member which is preventing him from spending the time required and undertaking the travel necessary to fulfil his role with InfraStrata.
John Wood, Chief Executive Officer, commented: "Matthew has been a tremendous asset to InfraStrata and has played a key role in all our EU related activities. Matthew is providing a smooth hand-over of work that he has been undertaking in relation to the EU and this will be picked up by our other consultants who have been working in conjunction with Matthew in recent weeks. We wish Matthew all the best for the future."
Graham Lyon, Chairman of the board, commented: "InfraStrata is moving forward at pace and the composition of the Board requires a mix of skill sets particularly as we move towards the financing and construction phase of our Islandmagee gas storage project. We will look to strengthen the board with further independent non-executive directors in due course to complement the skills of the existing directors. We wish Matthew well and thank him sincerely for his contribution over the last year; his counsel and advice have been exemplary."
For further information, please contact:
InfraStrata plc John Wood, Chief Executive
| c/o Yellow Jersey +44 (0)20 3735 8825 |
Allenby Capital Limited (AIM Nominated Adviser & Joint Broker) Jeremy Porter / Liz Kirchner
| +44 (0)20 3328 5656 |
SI Capital Limited (Joint Broker) Nick Emerson
| +44 (0) 20 3871 4038 |
Yellow Jersey Tim Thompson | +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.infrastrataplc.com
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. The facility 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 was completed in November 2018 and the FEED report was submitted to the European Union in December 2018 in accordance with the Company's grant conditions. To date approximately £13.5m has been invested in the project.
Further information is available on the company's website: www.infrastrataplc.com
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.
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