Islandmagee Gas Storage Project Update

RNS Number : 6248L

Infrastrata PLC

09 September 2019

 

9 September 2019

InfraStrata plc

("InfraStrata" or the "Company")

Islandmagee Gas Storage Project Update & 2019 Milestones

InfraStrata plc (AIM: INFA), the UK quoted company focused on boosting national energy resilience with strategic infrastructure projects, is pleased to provide an update on the workstreams completed at the Islandmagee gas storage project ("Islandmagee Project" or "the Project") in Northern Ireland.   

The process to convert the draft marine licence to a full marine licence is progressing on schedule and the Board continues its close discussions with the Department for Agriculture, Environment and Rural Affairs in Northern Ireland (DAERA).  In addition, the pre-construction marine baseline field work is now complete. Early indications are that the results are in line with, or better than, the previous data gathered.

Following completion of the workstreams listed below in the past two months, the Islandmagee Project is in the final phase of pre-construction activities. Negotiations with the Company's chosen equity partner are in the advanced stage and all being well, are expected to be completed as part of taking FID.

Description	Status
Engineering
Value Engineering	√ - Completed
Land
All easements acquired	√ - Completed
All key land areas acquired	√ - Completed
Environmental
Shadow Habitats Assessment	√ - Completed
Updated Brine Model	√ - Completed
Independent Verification of Brine Model	√ - Completed
Environmental Monitoring plan	√ - Completed
Pre-Construction
Field work - 28-day tidal monitoring	√ - Completed
Field Work - Seabed video monitoring	√ - Completed
Field Work - Grab Sampling	√ - Completed
Field Work - Scientific Beam Trawling	√ - Completed
Field Work - Bird Monitoring (Vessel)	√ - Completed

2019 Remaining Milestones

Description	Completion target
Pre-Construction
Report - Final tidal report	September
Report - Final Seabed monitoring report	September
Report - Final Grab Sampling	September
Report - Final Scientific Beam Trawl	September
Report - Final Bird Monitoring	September
Draft Marine Baseline Report & updated Environmental Impact Assessment	September
Secure all sites and terminate temporary use agreements	September
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
Issue of draft Gas Storage Agreement	September
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

During this time, the Company has maintained an open dialogue with the local community and management is pleased with the volume of support the Project is attracting locally. InfraStrata appreciates that local residents must have confidence in the design and environmental management of the Project. Therefore, management is committed to delivering the highest levels of regulatory compliance and is engaged in regular consultation with residents to ensure they have that reassurance.

John Wood, CEO of InfraStrata, said, 

"Our work is progressing at pace. As we have set out today, we have a defined plan to deliver the workstreams required by the end of the year in order to make the Final Investment Decision and to commence construction in 2020. Having followed due process, we are confident that we will receive the marine licence, which will represent a key project milestone. We are committed to developing it in a way which benefits the local communities and environment in which we operate. When delivered, this 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	[phone]

Notes to editors:

InfraStrata is a London Stock Exchange-listed group focused on global energy 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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