Infrastrata PLC Update re EU Project of Common Interest status (6119X)
November 27 2017 - 6:09AM
UK Regulatory
TIDMINFA
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 +44 (0)28 9051
Adrian Pocock, Chief Executive 1415
Allenby Capital Limited (AIM Nominated
Adviser & Broker)
Jeremy Porter / Alex Brearley +44 (0)20 3328
/ Liz Kirchner 5656
-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 GBP11m has been invested in the project.
Further information is available on the project company's
website: www.islandmageestorage.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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