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Infrastrata Plc Ord GBP0.0001 NEX:INFA.GB NEX Common Stock
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  -0.01p -1.23% 0.80p 0.75p 0.85p 0.815p 0.7533p 0.7799p 3,295,800 12:24:13

Infrastrata PLC Directorate Change

08/03/2019 7:01am

UK Regulatory (RNS & others)


Infrastrata Plc Ord GBP0.0001 (NEX:INFA.GB)
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TIDMINFA

RNS Number : 2417S

Infrastrata PLC

08 March 2019

8 March 2019

InfraStrata plc

("InfraStrata" or the "Company")

Directorate change

InfraStrata plc (AIM: INFA), the UK quoted company focused on the development of natural gas storage capacity, announces that Graham Lyon has stepped down as Chairman of the Company.

Graham Lyon, who has fulfilled the chairman's role since November 2017, has decided to step down with immediate effect to concentrate on other projects. John Wood, the Chief Executive Officer, will undertake the additional role of Chairman for a short period until a new Chairman is appointed. A search will be undertaken to identify a new Chairman as soon as possible although it is expected that this process may take 3 to 6 months to find the right individual to help take the business to the next stage in the Company's evolution. In addition, the Company has just completed a search for an additional non-executive director who it is hoped will be appointed within the next few weeks, and this director would also undertake the role of chair of the Audit Committee.

Graham Lyon commented: "It has been a pleasure to have been directly involved in turning InfraStrata around, seeing FEED (Front End Engineering and Design) delivered and positioning the Company to reach FID by the end of H1 2019. I have various other business interests that are taking up more of my time, and it is the right thing to do to step down from InfraStrata at this stage prior to the next phase of the commercialisation of the Islandmagee Energy project. The Company has a fantastic team and I wish them well for the future".

John Wood, Chief Executive Officer, commented: "It has been our pleasure to work with Graham over the past year and to be proceeding with our Islandmagee gas storage project apace. We wish Graham well with his other business interests and thank him for his efforts over his entire journey with InfraStrata. I look forward to identifying with the rest of the board a new chairman that will lead us on the next stage of our journey".

For further information, please contact:

 
 InfraStrata plc                            c/o Yellow Jersey 
  John Wood, Chief Executive and interim     +44 (0)20 3735 
  Chairman                                   8825 
 Allenby Capital Limited (AIM Nominated 
  Adviser & Joint Broker)                   +44 (0)20 3328 
  Jeremy Porter / Liz Kirchner               5656 
 SI Capital Limited (Joint Broker)          +44 (0) 20 3871 
  Nick Emerson                               4038 
 Yellow Jersey                              +44 (0)20 3735 
  Tim Thompson                               8825 
 

-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 GBP14.5m 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."

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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March 08, 2019 02:01 ET (07:01 GMT)

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