22 Jan 2016 15:05
22 January 2016
InfraStrata plc
("InfraStrata" or the "Company")
Islandmagee receives further EU Grant Funding
InfraStrata plc (AIM:INFA), the independent petroleum exploration and gas storage company, is pleased to announce it has been informed by the European Commission that its gas storage project under development at Islandmagee in County Antrim has been provisionally selected for grant funding under the Connecting Europe Facility ("CEF") of 50% of the costs associated with Front End Engineering & Design ("FEED") up to a maximum of €4.024 million.
The list of projects recommended for co-funding will be recommended for adoption by the European Commission in the coming weeks. The grant will also be subject to the conclusion of a grant agreement in due course.
This announcement1 by the European Commission is part of a proposal to invest €217 million in key trans-European energy infrastructure projects. A total of 15 projects were selected following a call for proposals under the CEF, a European Union ("EU") funding programme for infrastructure.
The selection of these projects recognises their important contribution to the overall increase in energy security across the EU as well as the integration of renewables in the EU-wide energy networks.
The Islandmagee project is being developed in a joint venture between InfraStrata and local energy infrastructure company Mutual Energy Limited.
Commenting on the announcement, Andrew Hindle, CEO of InfraStrata said:
"We are delighted that the benefits of this gas storage project have been further recognised by the European Union by inclusion of the project in a list of 15 projects with approval for additional grant funding. This follows the €2.5 million grant for the drilling of the Islandmagee-1 well and subsequent testing and engineering work in 2015.
We are looking forward to working with the CEF in the coming weeks following the formal adoption of the project list by the European Commission."
Note : 1 https://ec.europa.eu/energy/en/news/energy-eu-invests-217-million-euros-energy-infrastructure
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.
Disclaimer releasing the European Union from any liability in terms of the content of the dissemination materials:"The sole responsibility of this publication lies with the author. The European Union is not responsible for any use that may be made of the information contained therein."
For further information please contact:
InfraStrata plc
Andrew Hindle, Chief Executive Officer 020 8332 1200
Stewart McGarrity, Finance Director
Nominated Adviser and Joint Broker - Allenby Capital Limited
Jeremy Porter / Alex Brearley 020 3328 5656
Joint Broker - VSA Capital Limited
Andrew Raca/ Richard Buckle 020 3005 5004
Notes to Editors:
Background on InfraStrata plc
InfraStrata is an independent petroleum exploration and gas storage company focused on Northern Ireland.
Further information is available on the Company's website www.infrastrata.co.uk.
Background on the Islandmagee Storage Project
The Islandmagee gas storage project is owned 65% by a wholly owned subsidiary of InfraStrata plc and 35% by a wholly owned subsidiary of Mutual Energy Limited. 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 October 2013, the gas storage project was granted a 'Project of Common Interest' ("PCI") status by the European Commission. PCI status means recognition by the European authorities that the Islandmagee gas storage project brings benefits not only to the Member State in which it is located, but to a much wider area.
Further information is available on the project company's website www.islandmageestorage.com.