21 May 2018 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.
21 May 2018
InfraStrata plc
("InfraStrata" or the "Company")
Technical Appointment
The Board of InfraStrata plc (LON: INFA), the UK quoted company focused on gas storage, is pleased to confirm an additional technical appointment to further strengthen the Company's operational team as work on the Front End Engineering and Design ("FEED") is fully underway.
To support the Company's FEED work programme, Infrastrata has bolstered its team by appointing a Specialist in Salt Cavern Gas Storage, Evan Passaris, in relation to the subsurface geological element of the works.
Evan Passaris, a Chartered Engineer, is a Technical Director with Atkins' Ground Engineering Division. Evan has more than 40 years of international and UK experience in engineering consultancy in underground gas storage, rock mechanics and geotechnics in general, with his niche being salt cavern storage developments.
Evan has worked on a substantial number of projects and is regarded as a subject matter expert in respect of salt caverns. The Board believes that his direct involvement in similar schemes with similar geology makes him ideally placed to provide advice on the Islandmagee project.
The Board believes that utilising Evan at this stage of the FEED should allow for the geological aspects of the FEED to be de-risked further in the coming months.
Graham Lyon, Chairman of InfraStrata plc, commented: "It is a pleasure to have Evan on board to assist our team as work on the FEED accelerates with Costain and DEEP KBB. Evan's extensive background will add a great deal of value to our design and studies as we look forward to preparing for the construction phase of the project."
For further information, please contact:
InfraStrata plc Adrian Pocock, Chief Executive
| c/o Yellow Jersey +44 (0)20 3735 8825 |
Allenby Capital Limited (AIM Nominated Adviser & Joint Broker) Jeremy Porter / Alex Brearley / Liz Kirchner
| +44 (0)20 3328 5656 |
SI Capital Limited (Joint Broker) Nick Emerson
| +44 (0) 20 3871 4038 |
Yellow Jersey Tim Thomson | +44 (0)20 3735 8825 |
-ENDS-
The Front End Engineering and 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."
Notes:
InfraStrata is an independent gas storage company focused on the UK and 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 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, and 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 Commission. To date approximately £11.5m has been invested in the project.
Further information is available on the company's website: www.infrastrata.co.uk