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9 Sep 2019 07:00
9 September 2019
InfraStrata plc
("InfraStrata" or the "Company")
Islandmagee Gas Storage Project Update & 2019 Milestones
InfraStrata plc (AIM: INFA), the UK quoted company focused on boosting national energy resilience with strategic infrastructure projects, is pleased to provide an update on the workstreams completed at the Islandmagee gas storage project ("Islandmagee Project" or "the Project") in Northern Ireland.
The process to convert the draft marine licence to a full marine licence is progressing on schedule and the Board continues its close discussions with the Department for Agriculture, Environment and Rural Affairs in Northern Ireland (DAERA). In addition, the pre-construction marine baseline field work is now complete. Early indications are that the results are in line with, or better than, the previous data gathered.
Following completion of the workstreams listed below in the past two months, the Islandmagee Project is in the final phase of pre-construction activities. Negotiations with the Company's chosen equity partner are in the advanced stage and all being well, are expected to be completed as part of taking FID.
Description | Status |
Engineering | |
Value Engineering | √ - Completed |
Land | |
All easements acquired | √ - Completed |
All key land areas acquired | √ - Completed |
Environmental | |
Shadow Habitats Assessment | √ - Completed |
Updated Brine Model | √ - Completed |
Independent Verification of Brine Model | √ - Completed |
Environmental Monitoring plan | √ - Completed |
Pre-Construction | |
Field work - 28-day tidal monitoring | √ - Completed |
Field Work - Seabed video monitoring | √ - Completed |
Field Work - Grab Sampling | √ - Completed |
Field Work - Scientific Beam Trawling | √ - Completed |
Field Work - Bird Monitoring (Vessel) | √ - Completed |
2019 Remaining Milestones
Description | Completion target |
Pre-Construction | |
Report - Final tidal report | September |
Report - Final Seabed monitoring report | September |
Report - Final Grab Sampling | September |
Report - Final Scientific Beam Trawl | September |
Report - Final Bird Monitoring | September |
Draft Marine Baseline Report & updated Environmental Impact Assessment | September |
Secure all sites and terminate temporary use agreements | September |
Final Marine Baseline Report & Environmental Impact Assessment Issued to DAERA | October |
Submission of planning pre-construction documentation | November |
Environmental | |
Notification of public consultation dates | Q4'19 |
All reports made available on the Islandmagee Energy Website | Q4'19 |
Venues and dates of Islandmagee Energy public information sessions for public consultation made available on the website | Q4'19 |
Corporate | |
Issue of draft Gas Storage Agreement | September |
Final payment against EU Reclaim for completed FEED works | Q4'19 |
Release of revised construction tender documents | October |
Appointment of Chairman | Q4'19 |
Heads of Terms agreed for project equity funding | Q4'19 |
Equity funding agreement executed | Q4'19 |
Commencement of enabling works prior to full scale construction | December |
Final Investment Decision (FID) | December |
During this time, the Company has maintained an open dialogue with the local community and management is pleased with the volume of support the Project is attracting locally. InfraStrata appreciates that local residents must have confidence in the design and environmental management of the Project. Therefore, management is committed to delivering the highest levels of regulatory compliance and is engaged in regular consultation with residents to ensure they have that reassurance.
John Wood, CEO of InfraStrata, said,
"Our work is progressing at pace. As we have set out today, we have a defined plan to deliver the workstreams required by the end of the year in order to make the Final Investment Decision and to commence construction in 2020. Having followed due process, we are confident that we will receive the marine licence, which will represent a key project milestone. We are committed to developing it in a way which benefits the local communities and environment in which we operate. When delivered, this project will dramatically enhance the UK's energy resilience."
**ENDS**
For further information, please visit www.infrastrataplc.com or contact:
InfraStrata plc John Wood, Chief Executive & Interim Chairman
| c/o Newgate Communications +44 (0)20 3735 8825 |
Allenby Capital Limited (AIM Nominated Adviser & Broker) Jeremy Porter / Liz Kirchner
| +44 (0)20 3328 5656 |
|
|
Newgate Communications (PR) Elisabeth Cowell/ Ian Silvera | +44 (0)20 3757 6880 |
Notes to editors:
InfraStrata is a London Stock Exchange-listed group focused on global energy infrastructure projects.
The rapid development of the 100% owned Islandmagee Gas Storage Project is a core workstream for InfraStrata. It is expected to provide 25% of the UK's natural gas storage capacity and to benefit the Northern Ireland economy as a whole when complete. Given that the Committee on Climate Change has advised that the UK will still need a significant quantity of natural gas by 2050 - about 70% of today's consumption - the market opportunity for this project is compelling. It is the only gas storage project in North West Europe to be awarded 'Project of Common Interest' status by the European Union, confirming its strategic importance to the entire continent.
Mindful of the fact that safe, secure and flexible sources of energy are needed for a sustainable future, InfraStrata is focused on providing investors with exposure to a growing portfolio of UK, European and international energy infrastructure projects. With this in mind, the Company's highly experienced team is focused on acquiring, developing and commercialising innovative infrastructure projects around the world.
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