19 August 2024
EnergyPathways
plc
("EnergyPathways" or the
"Company")
Company
Update
EnergyPathways submits Gas
Storage Licence Application for its Marram Gas field in the UK's
East Irish Sea
EnergyPathways (AIM: EPP), an
integrated energy transition company, is pleased to report that it
has submitted a gas storage licence application to the North Sea
Transition Authority (NSTA) for its planned MESH (Marram Energy Storage Hub) project. The gas storage
licence application covers an offshore area
in the UK Irish Sea that includes the Company's 100% owned Marram
Gas Field.
The planned MESH development is a
major new energy storage facility that is expected to provide a
secure and dependable supply of natural gas and green hydrogen for
the UK market for at least 20 years. Storage infrastructure of this
type helps address commodity price volatility in the local market
and in turn supports lower energy prices for consumers
MESH will be able to store a
sufficient volume of energy to heat 2.2 million average UK homes
over winter. MESH's underground geo-storage capacity is estimated
will be ~50 billion cubic feet of gas, equivalent to the size of
the Rough facility, which is currently the UK's largest gas storage
facility.
A number of major tier one
engineering and energy companies, interested in participating in
EnergyPathways' MESH development have provided letters of support
for our gas storage licence application. EnergyPathways will be
progressing negotiations with these companies in the coming
months.
The MESH facility has been designed
as a fully decarbonised and electrified zero emission facility to
be powered by the renewable wind farms of the UK Irish Sea region
to avoid any GHG emissions from venting and flaring. The gas
produced from MESH will also have a carbon footprint emissions
intensity approximately one tenth of that of imported
LNG.
In the longer term, MESH is designed
to potentially harness the UK's excess wind power by producing and
storing green hydrogen. With wind curtailments currently costing UK
consumers over £1bn per year and set to increase to £5bn by 2035,
MESH offers a major new Long Duration Energy Solution for the UK's
expanding renewable wind sector.
MESH's high quality geo-storage
reservoirs will have high deliverability rates, which make them
well suited to meeting the UK's increasingly intermittent energy
demand.
MESH, located only 11 miles from the
Lancashire coast, is ideally located for energy storage, being
surrounded by 7-8GW of existing and planned offshore wind power,
near to late life reusable gas pipelines and infrastructure, and
UK's leading CCS projects. MESH is well placed to supply energy to
the UK's markets, being close to the high populated and industrial
demand centres of North-West England. EnergyPathways has identified
a number of opportunities to help bolster decarbonisation of
industrial clusters and gas power generation through the
region.
Ben
Clube, CEO of EnergyPathways commented, "We are delighted to have
submitted our gas storage licence application to the NSTA. As part
of this the Company has assembled a number of tier 1 energy and
engineering companies that are interested in participating in the
MESH project. In reaching this milestone for MESH, we are pleased
to be bringing forward an energy transition project that strongly
aligns with the UK government's energy policy and objectives. With
the UK having some of the lowest levels of gas storage of the
world's major economies, and it becoming increasingly dependent on
LNG imports, we believe an expansion of the UK's gas storage
capacity will be vital for a dependable and secure energy
supply. In the event of being successful with this licence
application, we will integrate it into our Marram Project
development plan ahead of FID. We look forward to updating
the market in due course."
Enquiries:
|
EnergyPathways
Ben Clube / Ben Hodges
|
Tel: +44 (0)207 466 5000, c/o
Buchanan (Financial PR)
Email :
info@energypathways.uk
|
|
Cairn Financial Advisers LLP (Nominated
Adviser)
Jo Turner / Louise
O'Driscoll / Sandy Jamieson
|
Tel: +44 (0)20 7213 0880
|
|
SP
Angel Corporate Finance LLP (Broker)
Richard Hail / Adam Cowl
|
Tel: +44 (0)20 3470 0470
|
|
Buchanan (Financial PR)
Ben
Romney / Barry Archer
|
Tel: +44 (0)207 466 5000
Email: energy@buchanan.uk.com
|
For further information on
EnergyPathways visit www.energypathways.uk and
@energy_pathways on X (formerly Twitter).
Forward Looking Statements
This announcement contains
forward-looking statements relating to expected or anticipated
future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and
uncertainties, such as general economic, market and business
conditions, competition for qualified staff, the regulatory process
and actions, technical issues, new legislation, uncertainties
resulting from potential delays or changes in plans, uncertainties
resulting from working in a new political jurisdiction,
uncertainties regarding the results of exploration, uncertainties
regarding the timing and granting of prospecting rights,
uncertainties regarding the timing and granting of regulatory and
other third party consents and approvals, uncertainties regarding
the Company's or any third party's ability to execute and implement
future plans, and the occurrence of unexpected
events.
Actual results achieved may vary
from the information provided herein as a result of numerous known
and unknown risks and uncertainties and other factors.