Centrica plc Cessation of Storage Operations at Rough
20 June 2017 - 5:00PM
UK Regulatory
TIDMCNA
20 June 2017
Centrica plc
("Centrica" or 'the Company')
Cessation of Storage Operations at Rough
On 12 April 2017, Centrica Storage Limited ("CSL") announced
that it was assessing the future pathway for Rough's commercial
operations.
CSL has now completed the wells testing programme and has
analysed the results of this extensive programme. CSL has also
completed a review into the feasibility of returning Rough to
injection and storage operations and concluded that, as a result of
the high operating pressures involved, and the fact that the wells
and facilities are at the end of their design life and have
suffered a number of different failure modes while testing, CSL
cannot safely return the assets and facilities to injection and
storage operations.
Furthermore, from a commercial perspective, an assessment of
both the economics of seasonal storage today, and the costs of
refurbishment or rebuilding the facility and replacing the wells,
suggests that both pathways would not be economic.
As a consequence, CSL intends to make all relevant applications
to permanently end Rough's status as a storage facility, and to
produce all recoverable cushion gas from the field, which is
estimated at 183 bcf.
ENDS
Enquiries:
Centrica Investor Relations: +44 (0)1753 494900
Centrica Media Relations: +44 (0)1784 843000
Centrica plc is listed on the London Stock Exchange (CNA)
Registered Office: Millstream, Maidenhead Road, Windsor,
Berkshire SL4 5GD
Registered in England & Wales number: 3033654
Legal Entity Identifier number: E26EDV109X6EEPBKVH76
ISIN number: GB00B033F229
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170620005644/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
June 20, 2017 03:00 ET (07:00 GMT)
Centrica (LSE:CNA)
Historical Stock Chart
From Apr 2024 to May 2024
Centrica (LSE:CNA)
Historical Stock Chart
From May 2023 to May 2024
