Infrastrata PLC Islandmagee Gas Storage Project-EU Funding Update (4353O)
January 29 2019 - 8:49AM
UK Regulatory
TIDMINFA
RNS Number : 4353O
Infrastrata PLC
29 January 2019
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.
29 January 2019
InfraStrata plc
("InfraStrata" or the "Company")
Islandmagee Gas Storage Project - EU Funding Update
InfraStrata plc (AIM: INFA), the UK quoted company focused on
the development of natural gas storage capacity, provides an update
on the "grant for works" application in respect of its Islandmagee
gas storage project (the "Project") to the EU (European Union)
pursuant to the requirements of the Connecting Europe Facility
grant reference: "CEFEnergy-2018-2", further to the Company's
announcement on 15 October 2018.
InfraStrata has been made aware that it has been unsuccessful in
its request for financial assistance under the second CEF Energy
Call for proposals 2018 and a full list of projects that have been
successful are now available online.
The initial application was submitted in a tight timescale and
since the original submission InfraStrata has been working to
refine its application and strengthen certain aspects. InfraStrata
has also been informed that a further invitation for applications
for the next round of funding will be received by the Company
around March 2019 and the Company plans to resubmit its enhanced
application at this time.
In all discussions with all potential offtake, equity, debt and
EPC partners, InfraStrata has never assumed any assistance from the
European Union in relation to a "grant for works" funding
application, and negotiations and due diligence continue at pace.
In any agreement that is reached with potential partners
InfraStrata will look to preserve the potential upside of EU
funding for the Company as it moves forward.
The Company's existing EU grant for FEED ("Front End Engineering
Design") works for the Project is unaffected by the "grant for
works" application and this decision. As announced on 5 December
2018, the FEED report has been submitted to the European Union in
accordance with the Company's grant conditions and is in the
process of being reviewed and audited. It is likely that
InfraStrata will receive its final payment from the EU in Q2 2019
after this verification process has been completed.
John Wood, Chief Executive Officer, commented:
"When submitting the EU "grant for works" application we were
aware that we were working against a tight timeframe in the cycle
for raising the profile of our Islandmagee gas storage project with
the relevant decision makers. However, since the original
submission we have continued to progress our case and are very well
placed to resubmit our application in the next funding round. We
continue to make progress on all fronts with the Project and the
fact that our conversations are not conditional on any further EU
assistance bodes well for the future."
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) 7710 718
Tim Thompson 649
-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.infrastrataplc.com
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. The facility 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 was completed in November 2018 and the FEED
report was submitted to the European Union in December 2018 in
accordance with the Company's grant conditions. To date
approximately GBP13.5m has been invested in the project.
Further information is available on the company's website:
www.infrastrataplc.com
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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