2 Oct 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.
02 October 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 announce that the remaining milestones scheduled for September 2019 at the Islandmagee Gas Storage Project ("Islandmagee Project" or "the Project") in Northern Ireland have now been completed. The additional 2019 milestones 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 |
Corporate |
|
Issue of draft Gas Storage Agreement | √ - Completed |
Pre-Construction | |
Report - final tidal report | √ - Completed |
Report - final seabed monitoring report | √ - Completed |
Report - final scientific beam trawl | √ - Completed |
Terminate temporary use agreements | √ - Completed |
Report - final grab sampling | √ - Completed |
Report - final bird monitoring | √ - Completed |
Secure all sites | √ - Completed |
The Board continues to work in tandem with the Northern Ireland Environment Agency ("NIEA") and the Department of Agriculture, Environment and Rural Affairs ("DAERA") as it progresses towards achieving the full marine licence. In addition, the Board continues to make progress in our negotiations with equity and debt partners with the aim of taking Final Investment Decision for the Islandmagee Project by the end of the year.
2019 Remaining Milestones
Description | Completion target |
Pre-Construction | |
Draft Marine Baseline Report and updated Environmental Impact Assessment | October |
|
|
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 | |
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 have completed further milestones for the Islandmagee Project as we move closer to commencing construction. It is also positive to see 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 in order to provide security of energy supply, create employment and provide a financial boost to the Northern Irish economy. When completed, the acquisition of the assets of Harland and Wolff will reduce Capex, shorten the construction timeline and provide us the ability to commercialise the Project earlier than currently projected."
**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.