25 Mar 2019 07:00
25 March 2019
InfraStrata plc
("InfraStrata" or the "Company")
Islandmagee Gas Storage Project Update - Pipeline Easement Options
InfraStrata plc (AIM: INFA), the UK quoted company focused on the development of natural gas storage capacity, is pleased to announce that its subsidiary, Islandmagee Energy Ltd, has served notice to exercise and complete its easement options that are required to progress the Islandmagee gas storage project (the "Project").
The options exercised are to acquire easements over the land where the various pipelines will run and on which the Project proposals and design are based, including the connections between the various surface facilities, inlets and discharges. For several years Islandmagee Energy Ltd has paid an annual fee to keep these options to acquire the easements valid, and approximately £87,000 will now be paid by Islandmagee Energy Ltd to exercise these options to acquire the easements for completion in April and May 2019.
John Wood, Chief Executive Officer, commented: "Completing on Islandmagee Energy's historic easement options for various parcels of land is another stream of work that needed to be completed prior to equity and debt funding for the Project being put in place. As we proceed forward the number of active works streams is reducing, thus allowing us to bring all final work streams together. We continue to make good progress on all the key elements of equity, debt and offtake and expect the construction tender results to be returned by 25th March. As previously indicated all our negotiations with equity partners include recovery of costs invested to date whilst we undertake various project de-risking activities, for improving our negotiating position."
For further information, please contact:
InfraStrata plc John Wood, Chief Executive
| c/o Yellow Jersey +44 (0)20 3735 8825 |
Allenby Capital Limited (AIM Nominated Adviser & Joint Broker) Jeremy Porter / Liz Kirchner
| +44 (0)20 3328 5656 |
SI Capital Limited (Joint Broker) Nick Emerson
| +44 (0) 20 3871 4038 |
Yellow Jersey Tim Thompson | +44 (0)20 3735 8825 |
-ENDS-
Notes to editors:
InfraStrata is an independent gas storage company focused on the UK and Ireland. Further information is available on the Company's website: www.infrastrataplc.com
Background on the Islandmagee Storage Project
The Islandmagee gas storage project is a proposed salt cavern gas storage facility located on Islandmagee in County Antrim, Northern Ireland. The Board of InfraStrata believes that the proposed 500 million cubic metres natural gas cavern storage facility will provide over 25% of the UK's natural gas storage once constructed. The facility will be situated adjacent to the Scotland Northern Ireland (gas) Pipeline (SNIP) and the Moyle 500 megawatt electricity interconnector. 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 2015 a well was drilled to core the salt and confirm the technical feasibility of the project, supported in part by the European Commission. The Front End Engineering and Design (FEED) element of the project was completed in November 2018 and the FEED report was submitted to the European Union in December 2018 in accordance with the Company's grant conditions. To date approximately £14.5m has been invested in the project.
Further information is available on the company's website: www.infrastrataplc.com
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."