23 Sep 2019 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
23 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 strategic infrastructure projects, is pleased to provide an update on the additional workstreams completed at the Islandmagee Gas Storage Project ("Islandmagee Project" or "the Project") in Northern Ireland.
Four milestones scheduled for September have now been completed and the additional 2019 milestones, including the remainder of the September items, are on track to be completed on time. The reports listed below have been compiled by consultants and the findings are in line with management expectations.
Description | Status |
Pre-Construction | |
Report - Final tidal report | √ - Completed |
Report - Final Seabed monitoring report | √ - Completed |
Report - Final Scientific Beam Trawl | √ - Completed |
Terminate temporary use agreements | √ - Completed |
Management is committed to leading the way on safety in gas storage and to developing the project in a way which protects the environment. The UK operates an extremely high level of regulatory oversight on critical energy projects such as the Islandmagee Gas Storage Project and InfraStrata continues to work closely with the Health and Safety Executive Northern Ireland to ensure that its activities not only comply with their standards and legislation but also aims to exceed them. The work that we are completing and our commitment as set out above are in sharp contradiction to some local baseless claims regarding the profile of the Project. Such claims are being quoted from other projects that are not comparable and are in countries that do not have the strict regulatory standards that the UK has.
2019 Remaining Milestones
Description | Completion target |
Pre-Construction | |
Report - Final Grab Sampling | September |
Report - Final Bird Monitoring | September |
Draft Marine Baseline Report & updated Environmental Impact Assessment | September |
Secure all sites | 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 |
John Wood, Interim Chairman and CEO of InfraStrata, said:
"We are pleased to update our shareholders on the completion of further milestones for the Islandmagee project as we move closer to construction commencement. We are also pleased with the level of support the project is receiving from key stakeholders and the wider Northern Irish community, who understand the essential need for our project to provide security of energy supply, create employment and provide a financial boost to Northern Irish economy."
**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 strategic 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.