Appointment

RNS Number : 5767K

Infrastrata PLC

22 April 2010

 



22 April 2010                                                                                 For Immediate Release

Infrastrata plc

PRESS RELEASE

Appointment of Non-executive Director for Northern Ireland Subsidiary

The Directors of Infrastrata plc (AIM: INFA) are pleased to announce the appointment of William Cargo as a Non-executive Director of 65% owned subsidiary, Islandmagee Storage Limited.

William Cargo held management positions in the UK gas industry from 1981, before becoming Engineering Director for Phoenix Natural Gas Limited from 1993 to 1999 during the introduction of natural gas to Northern Ireland. After working as Managing Director of Nile Valley Gas Company (Egypt), he became CEO of Premier Power limited in 2001 during the construction of the new 600 megawatt CCGT. Joining Premier Transmission Limited prior to mutualisation, he became Managing Director in March 2005. He was appointed Managing Director of Belfast Gas Transmission in 2008. William was Executive Director of Mutual Energy until 2010.

Commenting on the news, Andrew Hindle, CEO of Infrastrata plc said:

"We are delighted Bill will be joining the Islandmagee Storage team. His expertise and knowledge of the gas business will be invaluable as the gas storage project progresses through the planning stage towards becoming a key piece of infrastructure for Northern Ireland. Bill previously managed Mutual Energy, the partner with Infrastrata and he has already made a substantial contribution to the development of the project to date."

For further information please contact:

Infrastrata plc

Andrew Hindle, Chief Executive Officer                                                         020 8332 1200

Craig Gouws, Chief Financial Officer

Financial PR - Buchanan Communications

Richard Darby                                                                                                020 7466 5000

James Strong

Miranda Higham

Jet PR (IMSL Public Relations Consultant)                                                         

Jacqui Thompson                                                                                           07803 722322

Nominated Advisor and Broker - Seymour Pierce

Jonathan Wright                                                                                             020 7107 8000

Richard Redmayne

Notes to Editors:

Background on Infrastrata plc

Infrastrata's business is focused on the development of two gas storage projects in the United Kingdom at Portland, Dorset and at Islandmagee, County Antrim, Northern Ireland. The two projects could between them provide over 10% of the total UK and Ireland peak daily demand in the latter part of the next decade.  The Company is also developing new projects in mainland Europe initially focussing on Germany and Spain.

Further information is available on the Company's website www.infrastrata.co.uk.

Background on the Islandmagee Storage Project

The proposed 500 million cubic metres ("mcm") facility will be the largest on the island of Ireland and the first for Northern Ireland. A planning application for the project was submitted to the Strategic Projects Unit of the Northern Ireland Planning Service in March 2010. The facility is being designed to inject gas at 12 mcm and withdraw gas at 22 mcm per day. The cost of construction has been estimated at circa £250 million, including cushion gas.  The project is owned by Islandmagee Storage Limited an independent Northern Ireland registered company; a joint venture between Infrastrata UK Limited (part of the Infrastrata plc group of companies) - 65% shareholder and Moyle Energy Investments Limited (part of the Mutual Energy group of companies) - 35% shareholder. Moyle Energy Investments Limited will require Regulatory approval to participate in the construction of the project; in the meantime Infrastrata UK Limited is providing 100% of the development capital via shareholder loans. Further information is available on the website www.islandmageestorage.com.

Background on Mutual Energy Limited ("MEL")

MEL is a company limited by guarantee. Its principal objective is to own and operate energy infrastructure assets in the interests of the energy consumers of Northern Ireland.  The company is a mutualised entity and therefore has no shareholders and its primary stakeholders are energy consumers.

MEL subsidiary Premier Transmission Limited operates the Scotland to Northern Ireland natural gas transmission pipeline ("SNIP"). The 24-inch diameter pipeline is 135 kilometres long and runs from Twynholm in Scotland to Ballylumford in Northern Ireland. It transports gas to Ballylumford Power Station which generates over half of Northern Ireland's electricity needs and feeds the natural gas distribution system in Belfast and the Greater Belfast area. MEL also operates the Belfast Transmission Pipeline and the 500 megawatt Moyle electricity interconnector to Scotland. Further information is available on MEL's website www.mutual-energy.com.

 

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