Infrastrata eyes new project to complement Islandmagee
Gas storage business Infrastrata updated shareholders on its strategy of becoming revenue generating in 2020 following a final investment decision on its Islandmagee Gas Storage Project.
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In addition to continuing to progress at Islandmagee, Infrastrata said it was now involved with potential partners and asset owners in order to help it deliver new projects.
Infrastrata said it was working on UK mainland gas storage projects to complement Islandmagee, as well as floating storage and regasification unit projects to facilitate the importation and other existing operational and revenue generating gas storage facilities within the EU.
The AIM-listed group said projects had been identified and it expects to partly fund initial costs of technical and commercial due diligence on the new projects from a €1.6m payment due to be received from the EU later in the year.
Chief executive John Wood said: "These projects will be a key strategic fit with our existing flagship Islandmagee Gas Storage Project which will continue to receive the attention it requires to ensure it is brought online and in keeping with the commitments that we have made in our recent offtake term sheet with Vitol."
As of 0940 BST, Infrastrata shares had inched ahead 0.33% to 0.61p.