23rd Sep 2019 14:30
(Alliance News) - InfraStrata PLC on Monday said milestones at the Islandmagee gas storage project are on track to be completed on time after reporting that it met four expectations in September.
The company filed a final tidal report and a final seabed monitoring report in the Northern Ireland project in September. It also reported a final scientific beam trawl and terminated temporary use arrangements, InfraStrata said.
Other milestones, including final grab sampling, public consultation dates and the issuing of a draft gas storage agreement are due to be completed before the end of month.
A final investment decision and the appointment of a chair are among the milestones scheduled to be completed before the end of December.
The company has been without a permanent chair since Graham Lyon departed in March. Chief Executive John Wood has chaired the company on an interim basis since.
Wood said: "We are pleased to update our shareholders on the completion of further milestones for the Islandmagee project as we move closer to construction commencement. We are also pleased with the level of support the project is receiving from key stakeholders and the wider Northern Irish community, who understand the essential need for our project to provide security of energy supply, create employment and provide a financial boost to Northern Irish economy."
Shares in InfraStrata were 2.2% lower at 0.44 pence apiece in London on Monday afternoon.
By Eric Cunha; [email protected]
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