Infrastrata PLC Issue of Invitation to Tender Owner's Engineer (3076P)
07 February 2019 - 6:00PM
UK Regulatory
TIDMINFA
RNS Number : 3076P
Infrastrata PLC
07 February 2019
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
7 February 2019
InfraStrata plc
("InfraStrata" or the "Company")
Islandmagee Gas Storage Project - Issue of Invitation to Tender
Owner's Engineer
InfraStrata plc (AIM: INFA), the UK quoted company focused on
the development of natural gas storage capacity, is pleased to
announce that it has issued an Invitation to Tender ("ITT") package
for its Islandmagee gas storage project (the "Project") in order to
appoint an Owner's Engineer contractor to oversee the construction
of the Project. The Owner's Engineer is a role undertaken to
protect the owner's interests by ensuing that the EPC contractors
are adhering sufficiently to the project specification, contract
and timeline. In this case it will also avoid delay and cost
involved in setting up a directly employed owner's engineering
team.
The issuing of the ITT follows on from the recent completion of
the FEED (Front End Engineering Design) and the issue of the ITT
for the EPC (Engineering, Procurement and Construction) contractor
as announced on 18 December 2018. We have released the Owner's
Engineer ITT document to the following organisations:
-- WSP
-- ATKINS
-- MOTT MCDONALD
-- WORLEY PARSONS
-- FLUOR
-- COSTAIN
-- JACOBS
The ITT includes a package to oversee all surface, subsurface
and integration works required to develop the Project. The Project
works have been split into phase 1 (two caverns) and phase 2 (six
caverns) for a total of 8 caverns and therefore, it is expected
that the contract will be awarded in two staged phases in line with
the planned construction phases. There is no guarantee that by
running this ITT process InfraStrata will find an Owner's Engineer
("OE") contractor with which it is able to reach mutually agreeable
terms.
The date for receiving ITT returns from potential OE contractors
has been set as 15 March 2019, providing five clear weeks to
formulate responses. InfraStrata has received requests for an
extension to the return period for the EPC ITT that it is currently
running from more than one of the potential contractors, and it has
therefore agreed to move that return date to 15 March 2019.
John Wood, Chief Executive Officer commented: "We are happy to
have released the ITT package for the Owner's Engineer early this
year as planned, ensuring a good high quality Owner's Engineer is
appointed who is aligned to the Project, which is essential to
ensure we bring the Project in on time and within budget. Selecting
an Owner's Engineer contractor will be an important step on our
road to final investment decision (FID) by the end of H1 2019."
Further updates will be provided in due course.
For further information, please contact:
InfraStrata plc c/o Yellow Jersey
John Wood, Chief Executive +44 (0)20 3735
8825
Allenby Capital Limited (AIM Nominated
Adviser & Joint Broker) +44 (0)20 3328
Jeremy Porter / Liz Kirchner 5656
SI Capital Limited (Joint Broker) +44 (0) 20 3871
Nick Emerson 4038
Yellow Jersey +44 (0)20 3735
Tim Thompson 8825
-ENDS-
Notes to editors:
InfraStrata is an independent gas storage company focused on the
UK and Ireland. Further information is available on the Company's
website: www.infrastrataplc.com
Background on the Islandmagee Storage Project
The Islandmagee gas storage project is a proposed salt cavern
gas storage facility located on Islandmagee in County Antrim,
Northern Ireland. The Board of InfraStrata believes that the
proposed 500 million cubic metres natural gas cavern storage
facility will provide over 25% of the UK's natural gas storage once
constructed. The facility will be situated adjacent to the Scotland
Northern Ireland (gas) Pipeline (SNIP) and the Moyle 500 megawatt
electricity interconnector. Work commenced in 2007 with the
acquisition of 3D seismic data to image the Permian salt in the
Larne Lough area. During 2012, planning permission was granted for
the project and a gas storage licence was issued by the Utility
Regulator. In 2015 a well was drilled to core the salt and confirm
the technical feasibility of the project, supported in part by the
European Commission. The Front End Engineering and Design (FEED)
element of the Project was completed in November 2018 and the FEED
report was submitted to the European Union in December 2018 in
accordance with the Company's grant conditions. To date
approximately GBP13.5m has been invested in the project.
Further information is available on the company's
website:www.infrastrataplc.com
The Front End Engineering & Design (FEED) and Insitu
Downhole Testing programme for the Islandmagee gas storage project
is co-financed by the European Union's Connecting Europe
Facility.
Disclaimer releasing the European Union from any liability in
terms of the content of the dissemination materials:
"The sole responsibility of this publication lies with the
author. The European Union is not responsible for any use that may
be made of the information contained therein."
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END
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