Islandmagee - Application for additional Licence

RNS Number : 7536K

Infrastrata PLC

18 December 2018

 

18 December 2018

InfraStrata plc

("InfraStrata" or the "Company")

Islandmagee Gas Storage Project - Application for additional Mineral Prospecting Licence

InfraStrata plc (AIM: INFA), the UK quoted company focused on the development of natural gas storage capacity, is pleased to announce that it has lodged an application with the Department for the Economy in Northern Ireland for an additional Mineral Prospecting Licence (the "Licence") in respect of its Islandmagee gas storage project (the "Project").

This new application is in addition to previous applications and licences granted for the Project and covers a block of land adjacent to existing parcels of land under licence to InfraStrata.  The Licence application runs from Ballylumford Road through to Browns Bay. 

If successful, this application may facilitate the development of an additional 15 gas storage caverns in addition to the 8 already planned and approved for the Project.  During the early evaluation stages of the Islandmagee site, additional seismic data was obtained that covered a substantial portion of the Licence area. As mentioned in the Company's announcement of 5 December 2018, Atkins has been engaged to further investigate and provide a Concept Development Study on developing an additional 15 caverns at the Project. Atkins will progress evaluating this data in January 2019 and issue a report during Q2 2019.   

Whilst no guarantee can be given that this licence application will be successful, it is one of the first steps in the process for the proposed additional caverns.  Over the coming months, additional applications will be required as well as various new landowner agreements.

John Wood, Chief Executive Officer commented: "As part of our wider strategy to fully realise the potential in Islandmagee, obtaining a prospecting licence for this additional block will be the first step on that journey. Clearly, we are at a very early stage in this process but it will be running in parallel with our existing work streams for the development of the initial 8 caverns."

For further information, please contact:

InfraStrata plc John Wood, Chief Executive	c/o Yellow Jersey [phone]
Allenby Capital Limited (AIM Nominated Adviser & Joint Broker) Jeremy Porter / Alex Brearley / Liz Kirchner	[phone]
SI Capital Limited (Joint Broker) Nick Emerson	[phone]
Yellow Jersey Tim Thompson	[phone]

-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 £13.5m 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."

 

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