Atlantis Resources Limited MeyGen Operation & Production Update (8777T)

TIDMARL

RNS Number : 8777T

Atlantis Resources Limited

18 October 2017

18 October 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. Total production has now surpassed 2.6GWh with over 800MWh of predictable energy dispatched to grid during the month of September.

The Atlantis supplied 1.5MW AR1500 turbine has been successfully reinstalled over the weekend and has commenced its commissioning procedures. With the reinstallation of the fourth and final turbine, MeyGen Phase 1A will now be capable of operating at its full 6 MW capacity generating full ROC and power revenues.

The offshore works were successfully, safely and efficiently executed by the Atlantis offshore operations team using the Olympic Challenger.

With this latest achievement, all four Phase 1A turbines now have been successfully reconnected to the grid. Following final completion testing, MeyGen Phase 1A is expected to formally complete its construction phase and enter into its 25-year operational phase within the coming weeks.

Further detail is included in a new corporate video which can be found here: https://www.atlantisresourcesltd.com/services/

Tim Cornelius, CEO of Atlantis Resources, said:

"The success of MeyGen, the world's largest tidal stream project, firmly positions the UK as the leader of an industry which could provide sufficient affordable, secure, predictable and clean power to meet 20% of the UK's future electricity need. We have asked the Government to enter into a bilateral negotiation for 80 MW of capacity to allow us to proceed with the construction of Phase 1C of the MeyGen project without further delay. Tidal stream power costs are reducing all the time with a strong trajectory towards achieving parity with established renewables such as offshore wind.

"The industrial opportunities of tidal power for the UK are substantial, but without renewed Government support for tidal stream power, the UK is likely to lose jobs and investment overseas. Now is the time for the current government to act to ensure that the economic benefits of the tidal stream industry are preserved for the UK economy, and marine power becomes a meaningful part of the UK's future renewable energy mix. The value of predictable renewable generation for grid stability cannot be overestimated. The UK needs a mix of renewables and we are ready to deliver vast quantities of untapped, predictable, reliable, sustainable power generating jobs and investment for this country."

Frank Armijo, Vice President of Lockheed Martin Energy, said:

"We are proud of the AR1500's performance so far, and encouraged by its potential to accelerate the growth of Tidal energy. The MeyGen project is on track to provide clean, sustainable, predictable power for at least 175,000 homes in Scotland, support local jobs, reduce carbon emissions, and deliver significant, long-term supply chain benefits for the UK economy."

The information communicated herein constitutes inside information.

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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October 18, 2017 02:00 ET (06:00 GMT)