26 Nov 2014 07:00
26 November 2014 For immediate release
InfraStrata plc
("InfraStrata" or the "Company")
Islandmagee receives Approval for EU Grant Funding
InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce its gas storage project under development at Islandmagee in County Antrim has received approval from the European Union for grant funding of up to 50% of the €5 million cost for a data gathering well to obtain cores of the salt sequence and undertake further engineering design work.
This approval was formally ratified by the European Commission on 21 November. Grant funding will be subject to finalising a grant agreement with the Connecting Europe Facility (a €50BN fund adopted in 2011 by the European Commission to make targeted investment in key infrastructure projects in transport, energy and digital networks).
This announcement1 by the European Commission is a major boost to the €340 million project which was one of 248 projects to receive Project of Common Interest ("PCI") status from the European Union in October 2013. It recognises Islandmagee as a key energy infrastructure project bringing benefits not only to the Member State in which it is located but to a wider area. As a PCI project, Islandmagee should also benefit from faster and more efficient permit granting procedures and improved regulatory treatment.
The Islandmagee project is being developed in a joint venture between InfraStrata and local energy infrastructure company Mutual Energy.
Commenting on the announcement, Andrew Hindle, CEO of InfraStrata said:
"We are delighted that the outstanding benefits of this gas storage project have been recognised by the European Union by inclusion in this list of 34 projects with approval for grant funding, demonstrating the contribution this project can make to energy security and system flexibility in Northern Ireland, Ireland, and in Great Britain. We are looking forward to working with the Connecting Europe Facility over the coming weeks to undertake the process of finalising the grant agreement."
Note -1: Website link: http://ec.europa.eu/energy/infrastructure/pci/pci_en.htm
For further information please contact:
InfraStrata plc
Andrew Hindle, Chief Executive Officer 020 8332 1200
Stewart McGarrity, Finance Director
Financial PR - Buchanan
Richard Darby/ Anna Michniewicz 020 7466 5000
Nominated Advisor and Broker - Arden Partners plc
Chris Hardie 020 7614 5917
Notes to Editors:
Background on InfraStrata plc
InfraStrata is an independent petroleum exploration and gas storage company. The Company is focused on two areas in the UK, in Dorset, England and Antrim, Northern Ireland.
Further information is available on the Company's website www.infrastrata.co.uk.
Background on Islandmagee Storage Limited (IMSL)
IMSL is an independent Northern Ireland registered company; a joint venture between InfraStrata plc (65% shareholder) and Moyle Energy Investments Limited (35% shareholder), part of the Mutual Energy group of companies. The gas storage facility at Islandmagee will have the capability to store 500 million cubic metres of natural gas. IMSL was granted planning permission for the above ground facilities in October 2012.
For more information about the project please visit the Islandmagee Storage Project website www.islandmageestorage.com.
In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, the information contained in this announcement has been reviewed and signed off by the Chief Executive Officer of InfraStrata plc Andrew Hindle BSc, MSc, PhD, a Chartered Geologist with 30 years' experience, a Fellow of the Geological Society of London, and a member of the American Association of Petroleum Geologists and the Petroleum Exploration Society of Great Britain.