Atlantis Resources Limited MeyGen Operations Update (5196K)
July 10 2017 - 2:00AM
UK Regulatory
TIDMARL
RNS Number : 5196K
Atlantis Resources Limited
10 July 2017
Monday 10 July 2017
Atlantis Resources Limited
("Atlantis" or the "Company")
MeyGen Operations Update
Atlantis, a global leader in the marine power generation sector,
provides an operational update for Phase 1A of the MeyGen project
in the Pentland Firth following the recent successful
reinstallation, reconnection and commencement of operation of two
of the four turbines.
As previously announced, the three Andritz Hydro Hammerfest
(AHH) turbines were recovered earlier this year following an
initial period of operations to enable AHH to implement system
enhancements derived from the lessons learned during installation
and subsea commissioning. Following this programme of turbine
improvements, two of the three AHH turbines were successfully
reinstalled and reconnected, and have recommenced power generation
to the grid.
The third AHH turbine is due to be reinstalled during the next
workable neap tide which is in August, together with the Atlantis
AR1500 turbine. The Atlantis turbine was also retrieved in the
spring of this year to assess the effects of a prolonged grid
connection outage which was caused by damage to part of the onshore
power distribution network near the MeyGen site. The cable damage
has since been repaired and the site's grid export capacity has
been restored. After assessment of the turbine it was decided that
one of the components of the turbine's pitching system should be
replaced and upgraded as a result of the exposure to an
unexpectedly long idle cycle.
As commissioning and autonomous operation had been well
progressed following initial installation, it is expected that full
power will be achieved from each turbine soon after redeployment.
The turbines will then enter into their final contractual
performance and autonomous reliability tests after which they will
be signed off for commencement of long term operations.
It is expected that MeyGen Phase 1A will be operating
autonomously at full 6 MW capacity by the end of Q3.
Tim Cornelius, Chief Executive of Atlantis, said:
"We are delighted that we have conducted another successful
installation campaign and that we will soon have the array
operating autonomously, generating predictable revenue. Both
turbines have already operated at or close to full power since
redeployment.
"Prior to retrieval of the turbines in the spring we had already
achieved significant autonomous operation at full output and the
power performance of both turbine types showed improvements over
the contractual output guarantees. We expect this to put the
project on track to achieve capacity factors significantly in
excess of 40%.
"We expect to be generating at full output from the end of Q3
and for the suppliers to fully hand over the turbines to the
project operating team shortly thereafter."
Enquiries:
Atlantis Resources via FTI Consulting
Tim Cornelius, Chief Executive
Officer
Simon Counsell, Chief Financial
Officer
Peel Hunt LLP (Nominated
Adviser and Joint Broker) +44 (0)20 7418 8900
Adrian Trimmings
Jock Maxwell Macdonald
Macquarie Capital (Europe)
Limited (Joint Broker)
Raj Khatri
Nick Stamp +44 (0)20 3037 2000
FTI Consulting +44 (0)20 3727 1000
Ben Brewerton
Alex Beagley
James Styles
This information is provided by RNS
The company news service from the London Stock Exchange
END
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