LONDON (Thomson Financial) - Portland Gas Plc., the AIM-listed gas storage
company demerged from Egdon Resources in January this year, said funding talks
for the Portland project are progressing, with terms currently being presented
to prospective joint venture partners, which include major utilities and
integrated oil and gas companies, Portland added.
The company said it expects the process of agreeing terms on a non-binding
memorandum of understanding to advance significantly during the fourth quarter
of 2008. The MOU will contain the proposed commercial terms for the development
of the Portland project.
Separately, Portland announced that its full-year pretax loss widened to
1.57 million pounds from 208,515 pounds on higher operating expenses.
For the year ended July 31, the company's operating loss widened to 1.77
million pounds from 351,708 pounds last year.
Capitalised expenditure on gas storage projects rose to 7.36 million pounds
from 5 million.
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