FEED update

RNS Number : 2401E

Infrastrata PLC

04 May 2017

 

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

4 May 2017                             

InfraStrata plc

("InfraStrata" or the "Company")

FEED update

InfraStrata plc (AIM: INFA), the independent gas storage company, is pleased to announce that following its announcement on 16 March 2017, the Concept Evaluation phase of Front End Engineering Design ("FEED") for the Islandmagee gas storage project (the "Project") has been completed by the consultants and the Company is waiting for the final report.  Initial results have been provided to the Company which are currently being assessed. Further updates will be provided once the outcome of the work and final report have been considered in full and next steps determined. The Company remains in discussion with potential investors to seek the funding necessary to complete the FEED and commercialisation work programme, as previously announced.

There can be no guarantee at this stage that the Company will be successful in its ongoing discussions with potential investors to secure the additional funding required. If the Board considers that the Company will not be able to secure funding in a timely manner and/or on acceptable terms, then in order to preserve available working capital it may place the Company and the Project on care and maintenance and consider utilising the remaining funds available to it to explore other options for the Company, which may include a sale of the Project and/or its assets. Further updates will be announced as appropriate.

For further information, please contact:

InfraStrata plc Anita Gardiner, Joint Managing Director Stewart McGarrity, Joint Managing Director	[phone]
Allenby Capital Limited (Nominated Adviser & Broker) Jeremy Porter / Alex Brearley / Liz Kirchner	[phone]
Financial PR - Camarco Billy Clegg / Gordon Poole	[phone]

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."

Notes:

Background on InfraStrata plc

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 company, Islandmagee Storage Limited ("IMSL"), is owned 90% by a wholly owned subsidiary of InfraStrata plc and 10% by a wholly owned subsidiary of Mutual Energy Limited. The project is a proposed salt cavern gas storage facility located on Islandmagee in County Antrim, Northern Ireland. 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. In 2015 a well was drilled to core the salt and confirm the technical feasibility of the project, supported in part by the Commission. The final stage before a Final Investment Decision will be the Front-End Engineering Design and Commercialisation of the project. To date approximately £11m has been invested in the project.

Further information is available on the project company's website: www.islandmageestorage.com.

 

END

 

 

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