Islandmagee Gas Storage Project - Land Update

RNS Number : 3482L

Infrastrata PLC

21 December 2018

 

21 December 2018

InfraStrata plc

("InfraStrata" or the "Company")

Islandmagee Gas Storage Project - Land Update

InfraStrata plc (AIM: INFA), the UK quoted company focused on the development of natural gas storage capacity, is pleased to announce that further to its announcement on 29 October 2018, Islandmagee Energy Limited (its 100% owned subsidiary) has completed the purchase of two of the five land plots that were under option as follows:

Lot Number	Purchase Price	Completion Date
1	£116,000.00	15.04.19
1.1	£66,000.00	15.04.19
2	£88,000.00	15.04.19
5	£210,000.00	Completed
5.1	73,802.00	Completed

The Company's existing cash resources were used to finance the purchase of lots 5 and 5.1.  In conjunction with its ongoing discussions for the next phase of Project funding, the Company is exploring new sources of finance for those lot acquisitions due for completion by 15 April 2019.  

John Wood, Chief Executive Officer, commented: "It is good to complete the first tranche of land purchases and this will facilitate enabling works to commence in 2019 on these two sites as planned.  Starting the enabling works will substantially de-risk the Project as these works are key for cavern formation works to begin."

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 / 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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