Contract signed with DEEP.KBB Gmbh

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 Adrian Pocock, Chief Executive	c/o Yellow Jersey [phone]
Allenby Capital Limited (AIM Nominated Adviser & Joint Broker) Jeremy Porter / Alex Brearley / Liz Kirchner	[phone]
SI Capital Limited (Joint Broker) Nick Emerson	[phone]
Yellow Jersey Tim Thomson	[phone]

-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 £11.5m has been invested in the project.

Further information is available on the company's website: www.infrastrata.co.uk

 

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