Update re EU Project of Common Interest status

RNS Number : 6119X

Infrastrata PLC

27 November 2017

 

27 November 2017

InfraStrata plc

("InfraStrata" or the "Company")

Update re EU Project of Common Interest status

InfraStrata plc is pleased to announce that the status of the Islandmagee gas storage project as an EU Project of Common Interest ("PCI") was reconfirmed by the recent announcement made by the European Union. The details of the reconfirmation of the Islandmagee gas storage project's PCI status may be found in item 5.1.3 on page six of the following link:

https://ec.europa.eu/energy/sites/ener/files/documents/annex_to_pci_list_final_2017_en.pdf 

The board of InfraStrata also notes that the physical reverse flow at the Moffat interconnection point (IE/UK) project and the upgrade of the SNIP (Scotland to Northern Ireland) pipeline to accommodate physical reverse flow between Ballylumford and Twynholm also had their PCI status reconfirmed via the same European Union announcement.

The list of PCIs is reviewed and updated every two years and continued inclusion is a significant confirmation of the importance of the Islandmagee gas storage project. In addition, the confirmation of the inclusion of the reverse flow of the Scotland to Northern Ireland (gas) pipeline enhances the potential for gas to be moved from Larne to the European Gas Grid, which should increase the attraction for gas and energy traders to utilise our prospective facility for storage purposes.

Under PCI rules, PCI projects benefit from accelerated permitting procedures and improved regulatory conditions and are also eligible to apply for financial support from the Connecting Europe Facility ("CEF").

Commenting on the announcement, Adrian Pocock, the Chief Executive of InfraStrata plc stated:

"We are delighted that the hard work by ourselves, Mutual Energy and the Irish Governments in renewing our status as a PCI has been rewarded. We are also very grateful to the Innovation and Networks Executive Agency and the Infrastructure Department of the European Union for their considerable efforts in securing this for the benefit of the Republic of Ireland and the United Kingdom.

We continue to make encouraging progress on what has the potential to become a very important gas storage facility in the UK, following the recent confirmation by Centrica that the Rough Storage Facility is to close. 

The volatility of the price of gas is likely to be tested in the coming months if we suffer an extended period of cold weather, and it emphasises that once the United Kingdom leaves the EU, we will no longer be able to call on EU Member States to supply us with gas, which is currently our lifeline in times of peak demand."

For further information, please contact:

InfraStrata plc Adrian Pocock, Chief Executive	[phone]
Allenby Capital Limited (AIM Nominated Adviser & Broker) Jeremy Porter / Alex Brearley / Liz Kirchner	[phone]

-ENDS-

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 2015 a well was drilled to core the salt and confirm the technical feasibility of the project, supported in part by the Commission. To date approximately £11m has been invested in the project.

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

 

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