Atlantis Resources Limited MeyGen Operation & Production Update (3692P)

TIDMARL

RNS Number : 3692P

Atlantis Resources Limited

31 August 2017

31 August 2017

Atlantis Resources Limited

("Atlantis" or the "Company")

MeyGen Operation & Production Update

Atlantis, a global leader in the marine power generation sector, provides an operational update for Phase 1A of the MeyGen project in the Pentland Firth. As expected, the third Andritz Hydro Hammerfest ("AHH") turbine was reinstalled during the August neap tide this week. The offshore works were very successfully and efficiently executed by the Atlantis offshore operations team.

As such, all three AHH turbines, which were recovered earlier this year following an initial period of operations to enable AHH to implement system enhancements, now have been successfully reconnected to the grid.

Production since the 10 July 2017 Operational Update has been strong, with total production since launch approaching 2 GWh, and set a new world record for monthly production from a tidal stream power station of over 700 MWh in August.

The Atlantis turbine experienced some minor delays in receiving upgrade components and is now expected to be reinstalled during the next neap tide which is in late September. This turbine will then enter into its final contractual performance and autonomous reliability tests after which it will be signed off for commencement of long term operation.

Atlantis expects that MeyGen Phase 1A will be operating at full 6 MW capacity from the end of Q3.

David Taaffe, Director of Project Delivery at MeyGen, said:

"The production performance from the installed turbines on the MeyGen project has been very good. August proved to be a world record month, providing enough energy to power 2,000 Scottish homes from just two turbines. With yet another successful installation campaign expertly completed this week by the Atlantis operations team, we expect to continue to break records throughout the rest of the year generating both predictable power and revenue."

Enquiries:

 
 Atlantis Resources                  via FTI Consulting 
 Tim Cornelius, Chief Executive 
  Officer 
  Andrew Dagley , Chief Financial 
  Officer 
 
 Peel Hunt LLP (Nominated 
  Adviser and Joint Broker)          [phone] 
 Adrian Trimmings 
  Jock Maxwell Macdonald 
 
 Macquarie Capital (Europe) 
  Limited (Joint Broker) 
  Raj Khatri 
  Nick Stamp                         [phone] 
 
 FTI Consulting                      [phone] 
 Ben Brewerton 
  Alex Beagley 
  James Styles 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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August 31, 2017 02:01 ET (06:01 GMT)