Infrastrata PLC Contract signed with DEEP.KBB Gmbh (4822O)
May 17 2018 - 11:02AM
UK Regulatory
TIDMINFA
RNS Number : 4822O
Infrastrata PLC
17 May 2018
The information contained within this announcement is 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 via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
17 May 2018
InfraStrata plc
("InfraStrata" or the "Company")
Contract signed with DEEP.KBB Gmbh to carry out the subsurface
element of the FEED for the Islandmagee gas storage project
The Board of InfraStrata plc (AIM: INFA), the UK quoted company
focused on gas storage, is pleased to announce that the Company has
entered into a contract with DEEP.KBB Gmbh ("DEEP") to carry out
the subsurface element of the Front End Engineering and Design (the
"FEED") for the Islandmagee gas storage project (the
"Project").
Work by DEEP is to start imminently and will enable InfraStrata
to carry out the subsurface element of the FEED programme this year
and within the rules and timescales of the EU funding grant.
Costain has already been appointed to carry out the surface element
of the FEED programme, as announced on 23 April 2018, and their
work is underway.
Adrian Pocock, Chief Executive of InfraStrata, commented:
"We are delighted to confirm that we have now signed the other
key contract for the FEED programme with DEEP, which is a
highly-regarded expert in the development of salt cavern storage
facilities.
The Company is now moving forward to complete the FEED this year
and continues negotiations and discussions with third parties in
respect of construction and commercialisation of this significant
infrastructure project.
Further updates are expected to be announced over the course of
this year as the FEED and work on the Project progresses."
For further information, please contact:
InfraStrata plc c/o Yellow Jersey
Adrian Pocock, Chief Executive +44 (0)20 3735 8825
Allenby Capital Limited (AIM Nominated
Adviser & Joint Broker)
Jeremy Porter / Alex Brearley / Liz Kirchner +44 (0)20 3328 5656
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 20 3871 4038
Yellow Jersey
Tim Thomson +44 (0)20 3735 8825
-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:
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
Commission. To date approximately GBP11.5m has been invested in the
project.
Further information is available on the company's website:
www.infrastrata.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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