Restructuring of Executive Team

RNS Number : 9458X

Infrastrata PLC

16 August 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.

16 August 2018

InfraStrata plc

("InfraStrata" or the "Company")

Restructuring of Executive Team

InfraStrata plc (AIM: INFA), the UK quoted company focused on the development of natural gas storage capacity announces a change of Chief Executive Officer.  The Board is pleased to announce a restructuring of InfraStrata's Executive team, which will put the Company in good stead as it progresses through to the end of FEED (Front End Engineering and Design), through FID (Final Investment Decision) and into the construction phase.

Adrian Pocock, the current Chief Executive Officer, will today relinquish his position to John Wood, presently the Chief Operating Officer.  Adrian Pocock will remain an Executive Director of the Company undertaking business development activities and will effect an orderly handover to John Wood until 31 October 2018. Thereafter it is intended that Adrian will become a Non-Executive Director.

InfraStrata's new executive team will therefore be John Wood and Andy Duncan, the Chief Financial Officer.  This team has been driving the FEED programme and commercialisation of the Islandmagee gas storage project in recent months and is fully committed to completing FEED and ensuring current negotiations with potential offtake partners reach a successful conclusion.

John Wood commented: "Having been involved with the Islandmagee project for some time now, I am thrilled to have been offered the chance to lead InfraStrata through the next exciting phase of its journey.  It has been my pleasure working with Adrian and I appreciate his continued support as we transition."

Adrian Pocock commented: "It has been a privilege to lead the turnaround of InfraStrata since June last year. I am very pleased that Graham and I have managed to appoint a highly-qualified Board and executives to take the Islandmagee project through to completion and monetisation. I look forward to an ongoing involvement in the success of the Company."

Graham Lyon, Non-Executive Chairman, said: "The whole Board thanks Adrian for his contribution and leadership.  Adrian has significantly advanced InfraStrata in his tenure as CEO, stabilising the Company and instigating FEED. John Wood has shown dedication and tenacity in both his work and share purchases and we look forward to continued progress."

For further information, please contact:

InfraStrata plc Graham Lyon, Chairman	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-

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.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 European Commission. The Front End Engineering and Design (FEED) element of the project is scheduled for completion by the end of 2018. To date approximately £11.5m has been invested in the project.

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

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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