30 Mar 2020 07:00
InfraStrata plc
("InfraStrata" or the "Company")
Marine License - Completion of Consultation Period
InfraStrata plc (AIM: INFA), the UK quoted company focused on strategic infrastructure projects and physical asset life-cycle management, is pleased to provide an update on its application for a Marine Licence related to the Islandmagee Gas Storage Project (the "Project").
The Project's consultation phase closed on 27 March 2020 at 17.00hrs as planned. This follows the Company's recent announcements in relation to its Marine Licence application.
The Company expects to receive a request for clarifications from the Department of Agriculture, Environment and Rural Affairs ("DAERA") shortly, now that the public consultation process has closed. The Company is prepared to respond promptly to any clarification requests made by DAERA. Thereafter, the Company expects that a recommendation will be made by DAERA to Edwin Poots MLA, Minister of Agriculture, Environment, and Rural Affairs in relation to granting of the Marine Licence.
With the information currently available, the Company expects that this will meet its previously advised timeframe of committing to a Financial Investment Decision for the Project by the end of H1 2020. The Company understands that DAERA is still fully functioning at this time, whilst observing the Government's COVID-19 advice.
John Wood, CEO of InfraStrata, said:
"We are committed to protecting our environment and delivering a project that leaves a long-standing legacy of a secure energy supply for Northern Ireland. On award of the Marine Licence the Project will be construction-ready, thus enabling it to provide an immediate boost to the Northern Irish economy in a post COVID-19 environment once the Final Investment Decision is implemented.
"We have undertaken vast numbers of workstreams in relation to pre-baselining environmental work. We have set out very clearly, with rigorous independent third-party verification, that our project will comply and, in most places, exceed all aspects of the existing legislation. The 24/7 brine discharge monitoring system is very advanced and will immediately report any breaches of the license directly into DAERA."
For further information, please visit www.infrastrataplc.com or contact:
InfraStrata plc John Wood, Chief Executive
| c/o Newgate Communications +44 (0)20 3735 8825
|
Allenby Capital Limited (AIM Nominated Adviser & Joint Broker) Jeremy Porter / Liz Kirchner
| +44 (0)20 3328 5656 |
Arden Partners plc (Joint Broker) Paul Shackleton / Dan Gee-Summons (Corporate Finance) Simon Johnson (Corporate Broking)
| +44 (0)20 7614 5900 |
Newgate Communications (PR) Elisabeth Cowell/ Ian Silvera/Jamie Williams
| +44 (0)20 3757 6880 |
Notes to editors:
InfraStrata is a London Stock Exchange-quoted 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.
The Company also owns and operates the assets of Harland & Wolff in Belfast, where it will undertake the fabrication work for the Islandmagee project, as well as establish secondary revenue streams through the provision of services including technical, fabrication, ship repair, conversion, support services and recycling to the Defence, Cruise & Ferry, Commercial, Oil & Gas and Renewable sectors whilst undertaking fabrication works for internal projects.
InfraStrata is focused on providing investors with exposure to a growing portfolio of UK, European and international strategic infrastructure projects where the companies highly experienced team will be involved at various stages of the project lifecycle from development through to operations.