InfraStrata
20 January 2012 - BP Gas Marketing Limited acquire an option for equity
InfraStrata plc (AIM:INFA), the independent gas storage and
petroleum exploration company, is pleased to announce that
its wholly owned subsidiary, InfraStrata UK Limited
("InfraStrata"), together with Moyle Energy Investments
Limited ("Moyle"), has entered into agreements with
BP Gas Marketing Limited ("BPGM") regarding the appraisal of
the Islandmagee gas storage facility development project in
County Antrim, and the grant of an option to BPGM to acquire
a 50.495% equity interest in Islandmagee Storage Limited
("IMSL"), the gas storage
developer in Northern Ireland currently owned by InfraStrata
(65%) and Moyle (35%). Should the option be exercised
InfraStrata's equity interest in IMSL will become 32.178% and
the remaining 17.327% will be owned by Moyle.
Under the terms of a Joint Appraisal Agreement, BPGM has
agreed to fund the activities necessary to develop the
project up to the point where a decision can be made on
whether to proceed with a detailed engineering design. The
greatest item of the expenditure during the appraisal period,
is the drilling of the first well. The drilling of the well
is subject to IMSL being granted satisfactory planning
permissions and other key consents and approvals for the
project, and a regulatory and operational framework being
adopted by the Northern Ireland and Republic of Ireland
authorities to facilitate commercial operations of the
facility on a level playing field with storage elsewhere in
the UK and Ireland.
During this appraisal stage of the project, BPGM will be
responsible for managing surface and sub-surface engineering
matters. IMSL will be managing the planning, regulatory, land
and stakeholder relations together with drilling and
operating the well.
In consideration for the work undertaken in developing the
project to date, IMSL will receive an amount of up to
£400,000. £200,000 was paid on signature of the Joint
Appraisal Agreement and a further £200,000 will be paid if
planning permission for the project is granted. These funds
will be used to repay a portion of the InfraStrata loan
account to IMSL.
Commenting on the agreements, Andrew Hindle, CEO of
InfraStrata plc said:
"We are delighted that BPGM will be working with InfraStrata
and Moyle to develop the project through its next important
stage. The BPGM team brings considerable commercial skills to
the project and, most importantly, experience from the
construction of salt cavern gas storage in continental
Europe.
Assuming planning permission is granted in the first half of
2012, it is hoped that the well could be spudded before the
end of the year.
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InfraStrata
The announcement today represents an important milestone for
the Company and recognises the considerable effort that the
InfraStrata and Moyle teams, and their consultants, have
expended over the past four years.
It is also an important milestone for the Northern Ireland
gas industry bringing the development of its first gas
storage facilities, with significant security benefits, one
step closer to realisation."
View or download the release
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