Issue of Equity

RNS Number : 8480Y

Portland Gas plc

11 July 2008

 



11 July 2008                                                                                                  For Immediate Release

PRESS RELEASE

£9m Placing

Portland Gas Plc (AIM: PTG) is pleased to announce the placing of 2,535,211 new ordinary shares at 355p per share to raise £9 million before expenses.  The shares were placed by Seymour Pierce Limited with new and existing institutional investors. 

Following the placing, the Company will have 70,384,727 ordinary shares in issue. 

Application has been made for the shares to be admitted to AIM and admission of the shares is expected to be on 16 July 2008. 

The net proceeds of the Placing receivable by the Company will be applied to support the advanced work on its Portland gas storage project; to provide the funds to drill a confirmation borehole later this year at its Larne Lough project in Northern Ireland; and to provide funds to develop further storage opportunities. 

Commenting on the placing, Andrew Hindle, CEO, said:

'The placing provides funding for Portland Gas to continue to develop our existing gas storage projects in the UK and to accelerate the development of exciting new storage opportunities.'

For further information please contact:

Portland Gas plc

Andrew Hindle, Chief Executive Officer                                       020 8332 1200

Craig Gouws, Chief Financial Officer

PR - Watershed

Sara Hudston                                                                               01308 420785

Investor Relations - Buchanan Communications 

Ben Willey                                                                                    020 7466 5000

Nominated Advisor and Broker - Seymour Pierce 

Jonathan Wright                                                                           020 7107 8000

Sarah Jacobs

Richard Redmayne

Notes to Editors:

Background on Portland Gas 

Portland Gas' business focuses on the development of gas storage projects and associated infrastructure in the United Kingdom and internationally. It currently has two projects in its portfolio, the first on Portland, Dorset, and the second at Larne Lough in Northern Ireland. Further information is available on the Company's website www.portland-gas.com. The company is one of only a few in Europe focused specifically on gas storage development, a sector with significant growth potential given the projected significant increase in demand for gas in Europe over the coming decades.

 

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