ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

INFA Infrastrata Plc

18.125
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Infrastrata Plc LSE:INFA London Ordinary Share GB00BLPJ1272 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 18.125 17.75 18.50 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Infrastrata PLC Final FEED Milestone & Additional Concept Studies (4547J)

05/12/2018 7:00am

UK Regulatory


Infrastrata (LSE:INFA)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Infrastrata Charts.

TIDMINFA

RNS Number : 4547J

Infrastrata PLC

05 December 2018

Prior to publication, the information contained within this announcement was 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, this information is now considered to be in the public domain.

5 December 2018

InfraStrata plc

("InfraStrata" or the "Company")

Islandmagee Gas Storage Project - Completion of Final Milestone and Additional Concept Studies

InfraStrata plc (AIM: INFA), the UK quoted company focused on the development of natural gas storage capacity, is pleased to provide an update on the final milestone for the FEED (Front End Engineering Design) of its Islandmagee gas storage project (the "Project"). Milestones 1 through to 16 have been completed on time and on budget and accordingly, the FEED report has now been submitted to the European Union in accordance with the Company's grant conditions.

The report will, in due course, be reviewed and audited by the European Union and other related parties to ensure it complies with all of the conditions appertaining to the grant. It is likely that InfraStrata will receive its final payment from the EU in Q2 2019 after this verification process has been completed.

Milestone Progress

 
 Milestone   Month               Description                              Status 
     1       April    Contract Award Costain              InfraStrata   - Completed 
            -------  ----------------------------------  ------------  ------------ 
     2        May     Contract Award DEEP                 InfraStrata   - Completed 
            -------  ----------------------------------  ------------  ------------ 
     3        May     Appointment of Subsurface Expert    InfraStrata   - Completed 
            -------  ----------------------------------  ------------  ------------ 
     4        May     Issue FEED schedule, project        Costain       - Completed 
                       and quality plans 
            -------  ----------------------------------  ------------  ------------ 
     5        May     Current Design Agreed               Costain       - Completed 
            -------  ----------------------------------  ------------  ------------ 
     6        June    Current Design Agreed               DEEP          - Completed 
                                                           KBB 
            -------  ----------------------------------  ------------  ------------ 
     7        June    Appoint Owners Engineer             InfraStrata   - Completed 
            -------  ----------------------------------  ------------  ------------ 
     8        July    Issue Process Flow Diagrams         Costain       - Completed 
            -------  ----------------------------------  ------------  ------------ 
     9       August   Gas & Leaching layout review        Costain       - Completed 
            -------  ----------------------------------  ------------  ------------ 
    10       August   All Process & Instrumentation       Costain       - Completed 
                       Diagrams 
            -------  ----------------------------------  ------------  ------------ 
    11        Oct.    Engineering Design Complete         Costain       - Completed 
            -------  ----------------------------------  ------------  ------------ 
    12        Oct.    All Investigation work on samples   DEEP          - Completed 
                       complete                            KBB 
            -------  ----------------------------------  ------------  ------------ 
    13        Oct.    Cavern Design & Rock Mechanics      DEEP          - Completed 
                       Complete                            KBB 
            -------  ----------------------------------  ------------  ------------ 
    14        Nov.    Surface FEED Deliverables &         Costain       - Completed 
                       Estimates 
            -------  ----------------------------------  ------------  ------------ 
    15        Nov.    Subsurface FEED Deliverables        DEEP          - Completed 
                       & Estimates                         KBB 
            -------  ----------------------------------  ------------  ------------ 
    16        Dec.    Submit FEED Report to EU            InfraStrata   - Completed 
            -------  ----------------------------------  ------------  ------------ 
 

Completing this final milestone allows the team to concentrate on completing the negotiations that are underway with three potential equity providers that have provided the Company with term sheets for equity funding (at Project or subsidiary level). The term sheets are not binding and at this stage it is not guaranteed that InfraStrata will enter into a binding equity agreement. However, discussions are detailed and advanced and InfraStrata is still on track to provide a full update in Q4 2018 as previously stated.

Enabling works have been planned as the next phase of the Project, ahead of a final investment decision, and are scheduled to start in January 2019.

In addition, InfraStrata has engaged Costain to undertake a Concept Development Study to consider the technical implications of twinning the pipeline that runs between Northern Ireland and Scotland including the restrictions of connecting any new pipeline into the existing network and regulatory framework. There are no guarantees that it will be possible to twin the interconnecting pipeline at this stage and further details will be provided when possible.

Further, Atkins has been engaged to further investigate and provide a Concept Development Study on developing additional caverns on Islandmagee, as previous advice received indicated that an additional 15 caverns could be possible on top of the 8 already planned. However, there are no guarantees that it will be possible to develop any further caverns at this stage and further details will be provided when appropriate.

John Wood, Chief Executive Officer, commented: "It is testament to the team that we are building at InfraStrata that we have managed to deliver these milestones in a timely manner. As we progress through to the end of 2018, we are working hard to close out the equity funding for the Project. We are working through the process methodically to ensure we create maximum shareholder value. We are working to ensure we hit the ground running in 2019 with many work streams in progress"

For further information, please contact:

 
 InfraStrata plc                           c/o Yellow Jersey 
  John Wood, Chief Executive                +44 (0)20 3735 
                                            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, 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 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 GBP13.5m 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."

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

MSCLFFVVFRLSIIT

(END) Dow Jones Newswires

December 05, 2018 02:00 ET (07:00 GMT)

1 Year Infrastrata Chart

1 Year Infrastrata Chart

1 Month Infrastrata Chart

1 Month Infrastrata Chart

Your Recent History

Delayed Upgrade Clock