27th Nov 2015 08:18
LONDON (Alliance News) - Oil exploration and gas storage company InfraStrata PLC on Friday said it has completed its 2015 work programme on the Islandmagee gas storage project, allowing it to start the process of attracting investors to the project.
The company said drilling work on the project has been finalised, meaning all five stages of the GBP3.8 million work programme have been completed on time and one budget. It said the overall results from the programme were positive and backed the objective of confirming the feasibility of developing an underground gas storage facility at the location.
The finalisation of the work means InfraStrata can now start the process of attracting investors to the project in order to take it through to detailed design stages and then to full construction.
In addition, the company said the status of the Islandmagee project as an EU Project of Common Interest has been reconfirmed. It is the only gas storage project in northwest Europe which has been awarded PCI status, which allow InfraStrata to apply for further EU funding to back the project.
"We are very pleased with the outcome of the programme of works which will enable InfraStrata to move forward with the monetisation phase," said Andrew Hindle, InfraStrata's chief executive.
Shares in InfraStrata were up 12% early Friday to 2.65 pence, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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