Infrastrata PLC Islandmagee Update: Major FEED Milestone Completed (6662D)
October 11 2018 - 1:00AM
UK Regulatory
TIDMINFA
RNS Number : 6662D
Infrastrata PLC
11 October 2018
Prior to publication, the information contained within this
announcement was 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,
this information is now considered to be in the public domain.
11 October 2018
InfraStrata plc
("InfraStrata" or the "Company")
Islandmagee Gas Storage Project Update - Major FEED Milestone
Completed
InfraStrata plc (AIM: INFA), the UK quoted company focused on
the development of natural gas storage capacity, is pleased to
provide an update on FEED ("Front End Engineering Design") progress
for its Islandmagee gas storage project (the "Project"), having now
achieved nearly 70% of the pre-established milestones (11/16).
FEED commenced in May 2018 and is scheduled to be delivered in
accordance with the EU Grant provisions. The reports required by
the EU are anticipated to be submitted within Q4 2018. FEED remains
on budget with no significant issues being uncovered. Milestone 11
has now been completed, following excellent endeavours by our FEED
contractors Costain and DEEP. to achieve this ahead of
schedule.
Current Milestone Progress
Milestone End Description Status
of Month
1 April Contract Award Costain InfraStrata - Completed
---------- ---------------------------------- ------------ ------------
2 May Contract Award DEEP InfraStrata - Completed
---------- ---------------------------------- ------------ ------------
3 May Appointment of Subsurface Expert InfraStrata - Completed
---------- ---------------------------------- ------------ ------------
4 May Issue FEED schedule, project Costain - Completed
and quality plans
---------- ---------------------------------- ------------ ------------
5 May Current Design Agreed Costain - Completed
---------- ---------------------------------- ------------ ------------
6 June Current Design Agreed DEEP - Completed
KBB
---------- ---------------------------------- ------------ ------------
7 June Appoint Owners Engineer InfraStrata - Completed
---------- ---------------------------------- ------------ ------------
8 July Issue Process Flow Diagrams Costain - Completed
---------- ---------------------------------- ------------ ------------
9 August Gas & Leaching layout review Costain - Completed
---------- ---------------------------------- ------------ ------------
10 August All Process & Instrumentation Costain - Completed
Diagrams
---------- ---------------------------------- ------------ ------------
11 Oct. Engineering Design Complete Costain - Completed
---------- ---------------------------------- ------------ ------------
12 Oct. All Investigation work on samples DEEP
complete KBB
---------- ---------------------------------- ------------ ------------
13 Oct. Cavern Design & Rock Mechanics DEEP
Complete KBB
---------- ---------------------------------- ------------ ------------
14 Nov. Surface FEED Deliverables & Costain
Estimates
---------- ---------------------------------- ------------ ------------
15 Nov. Subsurface FEED Deliverables DEEP
& Estimates KBB
---------- ---------------------------------- ------------ ------------
16 Dec. Submit Reports To EU InfraStrata
---------- ---------------------------------- ------------ ------------
The engineering design that has been completed is intended to
position InfraStrata's proposed Islandmagee facility as a globally
competitive and technologically advanced, fast-cycle, pioneering
gas storage facility. Costain, DEEP, Atkins and WSP have all worked
together seamlessly to ensure the best possible outcome for
InfraStrata.
The Expression of Interest ("EOI") period has now ended and its
many responses are currently being evaluated prior to a bid pack
being issued to the selected EPC (engineering, procurement, and
construction) contractors in December of this year. Work continues
at pace to examine ways for potential enabling works to be
undertaken between FEED completion and final investment decision
("FID").
Advanced discussions continue between InfraStrata and potential
project equity providers and offtake partners.
John Wood, Chief Executive Officer commented "Completion of the
Project's Engineering Design is a major fundamental milestone for
InfraStrata. We still have some milestones left to complete prior
to completing FEED, however, with the information we have to date
we do not foresee any issues and expect to complete FEED on time
and on budget."
For further information, please contact:
InfraStrata plc c/o Yellow Jersey
John Wood, Chief Executive +44 (0)20 3735
8825
Allenby Capital Limited (AIM Nominated
Adviser & Joint Broker) +44 (0)20 3328
Jeremy Porter / Alex Brearley / Liz Kirchner 5656
SI Capital Limited (Joint Broker) +44 (0) 20 3871
Nick Emerson 4038
Yellow Jersey +44 (0)20 3735
Tim Thomson 8825
-ENDS-
Notes to editors:
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 is a proposed salt cavern
gas storage facility located on Islandmagee in County Antrim,
Northern Ireland. The Board of InfraStrata believes that the
proposed 500 million cubic metres Natural Gas Cavern Storage
facility will provide over 25% of the UK's Natural Gas Storage once
constructed, and will be situated adjacent to the Scotland Northern
Ireland (gas) Pipeline (SNIP) and the Moyle 500 Megawatt
Electricity Interconnector. 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
European Commission. The Front End Engineering and Design (FEED)
element of the Project is scheduled for completion by the end of
2018. To date approximately GBP11.5m has been invested in the
project.
Further information is available on the company's website:
www.infrastrata.co.uk
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."
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END
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