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Infrastrata PLC   -  INFA   

Application for inclusion on the 4th PCI List

Released 07:00 17-Jan-2019

RNS Number : 3197N
Infrastrata PLC
17 January 2019
 

 

               

 

17 January 2019

 

InfraStrata plc

("InfraStrata" or the "Company")

 

Islandmagee Gas Storage Project - Application for inclusion on the 4th PCI List

 

InfraStrata plc (AIM: INFA), the UK quoted company focused on the development of natural gas storage capacity, is pleased to announce that it has applied for inclusion in the 4th European Union list of Projects of Common Interest ("PCI").  The list is defined by Regulation (EU) 347/2013 on guidelines for trans-European energy infrastructure (TEN-E Regulation).

 

Only those projects which are included in the current Ten Year Network Development Plan 2018 (TYNDP 2018) published by the European Network of System Operators for Gas ((ENTSO-E) can apply to be candidates for the 4th PCI list.  As such InfraStrata plc (PCI reference PCI 5.1.3) is deemed eligible to apply for inclusion in the next list.  The 4th PCI list is expected to be adopted by the European Commission by the end of 2019 and officially published by early 2020.

 

The list of PCIs is reviewed and updated every two years and the current list of PCIs, of which InfraStrata plc is a constituent, is due to expire in early 2020. Under PCI rules, PCI projects benefit from accelerated permitting procedures and improved regulatory conditions and are also eligible to apply for financial support from the Connecting Europe Facility ("CEF").

 

John Wood, Chief Executive Officer commented: "The support that the European Union has shown in relation to our Islandmagee gas storage project has been fantastic and the fact that we have  been invited to apply for inclusion in the next PCI list is testament to the strength of the  project, as well as other projects we are evaluating.  In considering potential projects, we have been clear to ensure our criteria matches with the list of key cross border infrastructure project requirements that link the energy systems of EU countries."

 

 

For further information, please contact:

 

InfraStrata plc

John Wood, Chief Executive

 

c/o Yellow Jersey

+44 (0)20 3735 8825

Allenby Capital Limited (AIM Nominated Adviser & Joint Broker)

Jeremy Porter / Liz Kirchner

 

+44 (0)20 3328 5656

SI Capital Limited (Joint Broker)

Nick Emerson

 

+44 (0) 20 3871 4038

Yellow Jersey

Tim Thompson  

+44 (0) 7710 718 649

 

 

-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 £13.5m 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.
 
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Application for inclusion on the 4th PCI List - RNS