Islandmagee Gas Storage Project Update

RNS Number : 4264O

Infrastrata PLC

02 October 2019

 

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.

02 October 2019

InfraStrata plc

("InfraStrata" or the "Company")

Islandmagee Gas Storage Project Update & 2019 Milestones

InfraStrata plc (AIM: INFA), the UK quoted company focused on strategic infrastructure projects, is pleased to announce that the remaining milestones scheduled for September 2019 at the Islandmagee Gas Storage Project ("Islandmagee Project" or "the Project") in Northern Ireland have now been completed. The additional 2019 milestones are on track to be completed on time.

The reports listed below have been compiled by consultants and the findings are in line with management expectations.  

Description	Status
Corporate
Issue of draft Gas Storage Agreement	√ - Completed
Pre-Construction
Report - final tidal report	√ - Completed
Report - final seabed monitoring report	√ - Completed
Report - final scientific beam trawl	√ - Completed
Terminate temporary use agreements	√ - Completed
Report - final grab sampling	√ - Completed
Report - final bird monitoring	√ - Completed
Secure all sites	√ - Completed

The Board continues to work in tandem with the Northern Ireland Environment Agency ("NIEA") and the Department of Agriculture, Environment and Rural Affairs ("DAERA") as it progresses towards achieving the full marine licence. In addition, the Board continues to make progress in our negotiations with equity and debt partners with the aim of taking Final Investment Decision for the Islandmagee Project by the end of the year.  

2019 Remaining Milestones

Description	Completion target
Pre-Construction
Draft Marine Baseline Report and updated Environmental Impact Assessment	October
Final Marine Baseline Report & Environmental Impact Assessment Issued to DAERA	October
Submission of planning pre-construction documentation	November
Environmental
Notification of public consultation dates	Q4'19
All reports made available on the Islandmagee Energy Website	Q4'19
Venues and dates of Islandmagee Energy public information sessions for public consultation made available on the website	Q4'19
Corporate
Final payment against EU Reclaim for completed FEED works	Q4'19
Release of revised construction tender documents	October
Appointment of Chairman	Q4'19
Heads of Terms agreed for project equity funding	Q4'19
Equity funding agreement executed	Q4'19
Commencement of enabling works prior to full scale construction	December
Final Investment Decision (FID)	December

John Wood, Interim Chairman and CEO of InfraStrata, said:  

"We are pleased to have completed further milestones for the Islandmagee Project as we move closer to commencing construction. It is also positive to see the level of support the project is receiving from key stakeholders and the wider Northern Irish community, who understand the essential need for our project in order to provide security of energy supply, create employment and provide a financial boost to the Northern Irish economy. When completed, the acquisition of the assets of Harland and Wolff will reduce Capex, shorten the construction timeline and provide us the ability to commercialise the Project earlier than currently projected."

**ENDS**

For further information, please visit www.infrastrataplc.com or contact:

InfraStrata plc John Wood, Chief Executive & Interim Chairman	c/o Newgate Communications [phone]
Allenby Capital Limited (AIM Nominated Adviser & Broker) Jeremy Porter / Liz Kirchner	[phone]
Newgate Communications (PR) Elisabeth Cowell/ Ian Silvera	[phone]

Notes to editors:

InfraStrata is a London Stock Exchange-listed group focused on strategic infrastructure projects.

The rapid development of the 100% owned Islandmagee Gas Storage Project is a core workstream for InfraStrata. It is expected to provide 25% of the UK's natural gas storage capacity and to benefit the Northern Ireland economy as a whole when complete. Given that the Committee on Climate Change has advised that the UK will still need a significant quantity of natural gas by 2050 - about 70% of today's consumption - the market opportunity for this project is compelling.  It is the only gas storage project in North West Europe to be awarded 'Project of Common Interest' status by the European Union, confirming its strategic importance to the entire continent.

Mindful of the fact that safe, secure and flexible sources of energy are needed for a sustainable future, InfraStrata is focused on providing investors with exposure to a growing portfolio of UK, European and international energy infrastructure projects. With this in mind, the Company's highly experienced team is focused on acquiring, developing and commercialising innovative infrastructure projects around the world. 

 

END

 

 

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