InfraStrata clears two more milestones in Islandmagee project

Strategic infrastructure investment company InfraStrata confirmed the completion of its October milestones at the Islandmagee Gas Storage Project in Northern Ireland on Friday.

The AIM-traded company said both the draft marine baseline report and updated environmental impact assessment, and the final marine baseline report and environmental impact assessment had been completed and Issued to the Northern Ireland Department of Agriculture, Environment and Rural Affairs.

It explained that, with those milestones now complete, management was “working closely” with the Northern Ireland Environment Agency and the Department of Agriculture, Environment and Rural Affairs to finalise the timelines for the final activities related to the full marine licence.

Once the process is completed, the board would release the revised construction tender documents to ensure that they included the most up to date information.

In addition, the board said it was continuing to make progress in its negotiations with equity and debt partners, with the aim of taking final investment decision for the Islandmagee Project by the end of the year.

“We are delighted to have maintained momentum on our flagship Islandmagee Gas Storage Project whilst also progressing our planned acquisition of the assets of Harland & Wolff,” said InfraStrata chairman John Wood.

“We are making solid headway towards beginning construction of this critical gas storage project in 2020.”

Wood said the company was also continuing at pace to finalise the gas storage agreement with Vitol.

“Once complete, the project will dramatically enhance the UK's energy resilience.”

As at 1330 GMT, shares in InfraStrata were down 0.01% at 0.42p.