Islandmagee Gas Storage Project Update

RNS Number : 8974R

Infrastrata PLC

01 November 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.

01 November 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 the completion of October 2019 milestones at the Islandmagee Gas Storage Project ("Islandmagee Project" or "the Project") in Northern Ireland, as listed below.

Description	Status
Pre-Construction
Draft Marine Baseline Report and updated Environmental Impact Assessment	√ - Completed
Final Marine Baseline Report & Environmental Impact Assessment Issued to DAERA	√ - Completed

With these milestones now complete, management is working closely with the Northern Ireland Environment Agency ("NIEA") and the Department of Agriculture, Environment and Rural Affairs ("DAERA") to finalise the timelines for the final activities related to the full marine licence. Once this process has been completed, the Board will release the revised construction tender documents to ensure that they include the most up to date information.

In addition, the Board continues to make progress in its 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
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
Release of revised construction tender documents	November
Final payment against EU Reclaim for completed FEED works	Q4'19
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 delighted to have maintained momentum on our flagship Islandmagee Gas Storage Project whilst also progressing our planned acquisition of the assets of Harland & Wolff.  We are making solid headway towards beginning construction of this critical gas storage project in 2020. Work also continues at pace to finalise the Gas Storage Agreement with Vitol SA. Once complete, the Project will dramatically enhance the UK's energy resilience."

**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/Jamie Williams	[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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