EnergyPathways PLC Company Update re Gas Storage Licence Application

RNS Number : 0973R

EnergyPathways PLC

05 June 2024

 

5 June 2024

 

EnergyPathways plc

 

("EnergyPathways" or the "Company")

 

Company Update

 

EnergyPathways plc (AIM: EPP), an energy transition company, is pleased to provide the following update on its plans to deliver clean, home-grown energy for the UK, based around its principal project at the Marram gas field (the "Marram Project") in the East Irish Sea.

 

EnergyPathways is pleased to report that, following the North Sea Transition Authority ("NSTA") publishing, on 29 May 2024, a notification for Gas Storage applications for an area that includes the Marram Project, it has formally confirmed with the NSTA its interest and intention to make an application for a Gas Storage Licence in the area.

 

As previously announced, the Company has also submitted "Out of Round" licence application requests to the NSTA in relation to two prospective gas storage areas that incorporate the "development ready" Knox and Lowry gas fields that, like Marram, offer prospective gas storage potential. EPP believes there is a compelling future commercial opportunity to integrate all three potential gas storage projects as the natural follow on from developing the Marram Project and where we see significant benefits in integrating them all at an early stage into EPP's wider growth plans to develop a UK Irish Sea energy storage project - as described in the Company's announcement dated 16 May 2024.

 

Commenting on the update, CEO Ben Clube said:

 

"We are pleased to have confirmed our interest with the NSTA for a Gas Storage Licence area covering the Marram Project. We believe that our technical operating experience, coupled with our commitment to environmental stewardship and strategy to transform EnergyPathways into an effective integrated energy transition company, positions the Company well in this application process. We continue to maintain an active and constructive engagement with all relevant authorities as we seek to convey how this gas storage potential fits naturally alongside the Marram Project and our longer-term vision to develop energy solutions that will support many key elements of UK energy policy. 

 

"We look forward to updating the market as and when we discover the outcome of these production and storage licence applications that will allow EPP to realise the potential opportunity of the UK Irish Sea energy storage project."

 

 

The Directors of the Company are responsible for the release of this announcement.

 

 

Enquiries:

 

EnergyPathways Ben Clube / Ben Hodges	Tel: [phone], c/o Buchanan (Financial PR) Email : [e-mail]
Cairn Financial Advisers LLP (Nominated Adviser) Jo Turner / Louise O'Driscoll / Sandy Jamieson	Tel: [phone]
SP Angel Corporate Finance LLP (Joint Broker) Richard Hail / Adam Cowl	Tel: [phone]
Optiva Securities Limited (Joint Broker) Christian Dennis / Daniel Ingram	Tel: [phone]
Global Investment Strategy UK Limited (Joint Broker) Callum Hill / James Sheehan Buchanan (Financial PR) Ben Romney / Barry Archer	Tel: [phone]   Tel: [phone]

 

For further information on EnergyPathways visit www.energypathways.uk and @energy_pathways on X (formerly Twitter).

 

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company's or any third party's ability to execute and implement future plans, and the occurrence of unexpected events. 

 

Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors

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