John Wood, Interim Chairman and CEO of InfraStrata, said: We are pleased to have completed further milestones for the Islandmagee Project as we move closer to commencing construction.
It is also positive to see 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 in order to provide security of energy supply, create employment and provide a financial boost to the Northern Irish economy.
When completed, the acquisition of the assets of Harland and Wolff will reduce Capex, shorten the construction timeline and provide us the ability to commercialise the Project earlier than currently projected.
Islandmagee Gas Storage Project Update & 2019 Milestones
InfraStrata plc (AIM: INFA), the UK quoted company focused on strategic infrastructure projects, is pleased to announce that the remaining milestones scheduled for September 2019 at the Islandmagee Gas Storage Project (“Islandmagee Project” or “the Project”) in Northern Ireland have now been completed. The additional 2019 milestones are on track to be completed on time.
The reports listed below have been compiled by consultants and the findings are in line with management expectations.
The Board continues to work in tandem with the Northern Ireland Environment Agency (“NIEA”) and the Department of Agriculture, Environment and Rural Affairs (“DAERA”) as it progresses towards achieving the full marine licence. In addition, the Board continues to make progress in our negotiations with equity and debt partners with the aim of taking Final Investment Decision for the Islandmagee Project by the end of the year.
2019 Remaining Milestones
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