15th Sep 2008 07:00
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For Immediate Release |
15 September 2008 |
Portland Gas plc
Operational Update
The Directors of Portland Gas plc (AIM: PTG) ("the Company" or "Portland Gas") would like to provide a brief update on the current operations of the Company.
In Northern Ireland a drilling rig has been secured from British Drilling and Freezing Company Limited to drill a borehole to confirm the suitability of the Permian salt sequence for the creation of caverns below Larne Lough. It is currently estimated that drilling operations for the borehole will commence in January 2009.
Engineering design and site preparation work is progressing for the Portland project, to ensure drilling operations can commence for the cavern boreholes in the summer of 2009. The process to seek funding for the Portland project through the introduction of Joint Venture partners is progressing in accordance with an agreed timetable. Binding bids for this process are due shortly and the Company will provide an update on the process at the time of its Preliminary Results announcement, scheduled for 10th October 2008.
For further information please contact:
Portland Gas plc
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Andrew Hindle, Chief Executive Officer |
020 8332 1200 |
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Craig Gouws, Chief Financial Officer |
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PR - Watershed |
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Sara Hudston |
01308 420785 |
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Investor Relations - Buchanan Communications |
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Ben Willey |
020 7466 5000 |
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Nominated Advisor and Broker - Seymour Pierce
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Jonathan Wright Sarah Jacobs Richard Redmayne |
020 7107 8000 |
Notes to Editors:
Background on Portland Gas
Portland Gas' business focuses on the development of gas storage projects and associated infrastructure in the United Kingdom and internationally. It currently has two projects in its portfolio, the first on Portland, for which planning permission was granted by Dorset County Council in May 2008 and Pipeline Construction Authorisation was granted by the Department of Business Enterprise and Regulatory Reform in July 2008. The second project is at Larne Lough in Northern Ireland and the Company is progressing further new venture projects in Europe. Further information is available on the Company's website www.portland-gas.com. The company is one of only a few in Europe focused specifically on gas storage development, a sector with significant growth potential given the projected significant increase in demand for gas in Europe over the coming decades.
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