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LONDON (Thomson Financial) - Portland Gas Plc. reported a pretax loss of
798,170 pounds for the first half to end-January, in its first results since the
demerger from oil and gas exploration company Egdon Resources Plc.
The company attributed the losses mainly to the administrative costs of
listing on AIM in January this year, which amounted to 927,433 pounds.
The company said Dorset County Council planning permission for its Portland
gas store is now "imminent", following permission granted in February from the
Weymouth & Portland Borough Council. It said there has been expressions of
interest in possible joint ventures in the project.
Construction of the gas store is expected to cost 500 million pounds and
take seven years to build. Gas storage is expected to become available from 2011
in a phased process, with full storage capacity expected in the winter of 2015.
Portland also expects to seek planning permission for its Larne Lough
project in Northern Ireland by the second half of 2009, and is currently in
talks with potential partners for that project.
In general, the company said it is looking to expand into other markets
outside the UK, including liberalised markets in Europe and North America.
edward.mcallister@thomson.com
ejm/rfw/ejm/ms1
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