PTG Portland Gas

 

TIDMPTG 
 
 
Portland Gas plc 
15 July 2009 
 
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| For Immediate Release              |                       15 July 2009 | 
+------------------------------------+------------------------------------+ 
 
 
Portland Gas 
 
 
Solicitors appointed to the Portland Project 
 
 
 
 
The Directors of Portland Gas plc (AIM: PTG) ("the Company" or "Portland Gas") 
today announce that Field Fisher Waterhouse LLP ("FFW") are being appointed as 
solicitors to Portland Gas Holdings Limited ("project company") which owns the 
Portland Project. 
 
 
Walter Roberts, Legal and Commercial Director of Portland Gas commented: 
 
 
"In preparing for the new funding process to be announced shortly, we have 
concluded that the project company's solicitors will need to be independent of 
Portland Gas plc and that all investors in the project, including Portland Gas 
plc, will need to be in the same relationship, so far as possible, with the 
project company. FFW will therefore be acting for all the future shareholders of 
the project company as a group. Norton Rose LLP will continue to act for 
Portland Gas plc." 
 
 
"We are very pleased that FFW have agreed to act for the project company. They 
have a wealth of extremely relevant experience from projects which have been 
successfully structured in almost identical ways to the structure which is now 
being proposed for the Portland Project. " 
 
 
In order that the "Portland Gas" name can remain with the Portland Project where 
it is very well established in Dorset, the Directors intend to seek approval at 
the next Annual General Meeting of the Company, scheduled for December 2009, to 
change the name of Portland Gas plc to "Infrastrata plc". The project company, 
Portland Gas Holdings Limited, would then be renamed to "Portland Gas Limited". 
 
 
For further information please contact: 
 
 
+------------------------------------------------------+-----------------+ 
| Portland Gas plc                                     | 020 8332 1200   | 
| Andrew Hindle, Chief Executive Officer               |                 | 
| Craig Gouws, Chief Financial Officer                 |                 | 
|                                                      |                 | 
+------------------------------------------------------+-----------------+ 
| PR - Watershed                                       | 01308 420785    | 
| Sara Hudston                                         |                 | 
|                                                      |                 | 
+------------------------------------------------------+-----------------+ 
| Investor Relations - Buchanan Communications         | 020 7466 5000   | 
| Ben Willey                                           |                 | 
|                                                      |                 | 
+------------------------------------------------------+-----------------+ 
| Nominated Advisor and Broker - Seymour Pierce        | 020 7107 8000   | 
| Jonathan Wright                                      |                 | 
| Sarah Jacobs                                         |                 | 
| Richard Redmayne                                     |                 | 
|                                                      |                 | 
+------------------------------------------------------+-----------------+ 
 
 
 
 
Notes to Editors: 
 
 
Background on Portland Gas plc 
 
 
Portland Gas' business is focused on the development of two gas storage projects 
in the United Kingdom at Portland, Dorset and at Islandmagee, County Antrim, 
Northern Ireland. The two projects could between them provide over 10% of the 
total UK and Ireland peak daily demand in the latter part of the next decade. 
The Company is also developing new projects in mainland Europe initially 
focussing on Germany and Spain. The Company is one of only a few in Europe 
focused specifically on gas storage development, a sector with significant 
growth potential in Europe over the coming decades. 
 
 
Background on Field Fisher Waterhouse LLP 
 
 
Field Fisher Waterhouse LLP ("FFW") is a substantial European law firm with over 
130 partners and over 300 other lawyers and offices in London, Paris, Brussels, 
Hamburg and Manchester and associated offices in a number of Spanish and Italian 
cities. 
 
 
The firm is used to, and has extensive experience of, advising in relation to 
major projects and joint venture structures, both in the energy sector and in 
other fields. In particular FFW acted in relation to the UK?Continent Gas 
Interconnector project from its inception in the early 1990s, providing 
independent advice to the project company in establishing the structure of, and 
documentation for, the project in conjunction with the project participants. FFW 
continue to act for Interconnector (UK) Limited today. FFW have much other 
relevant experience, including in relation to gas storage projects. 
 
 
Portland Project 
 
 
At 1,000 million cubic metres ("mcm") or 35 billion cubic feet ("bcf") of 
working gas, it will be the largest onshore gas storage facility in the UK. 
Planning permission was granted by Dorset County Council in May 2008 and 
Pipeline Construction Authorisation was granted by the BERR (now known as the 
Department of Energy and Climate Change) in July 2008. The gas storage facility 
is designed to inject or withdraw gas at 20mcm per day. On peak demand days the 
withdrawal rate could be boosted to 30mcm per day. The current estimate of total 
development cost for the project is GBP456m. The project will use brine 
compensation technology and will not require cushion gas. Construction of the 
project will commence on 31st July 2009. 
 
 
Islandmagee Storage Project 
 
 
The proposed 500mcm (18bcf) facility will be the largest on the island of 
Ireland and make a significant contribution to the security of gas supplies. 
Portland Gas plc has a 65% interest in the project. Its partner in the project 
is a subsidiary of Northern Ireland Energy Holdings Limited, the owner of the 
Scotland to Northern Ireland gas pipeline. The facility is being designed to 
inject gas at 12mcm and withdraw gas at 22mcm per day. The cost of construction 
has been estimated at GBP229m, including cushion gas. A successful public 
exhibition was held on Islandmagee in June 2009 and work is continuing towards 
the submission of a planning application before the end of 2009. 
 
 
Further information is available on the Company's website www.portland-gas.com. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 NRASFLFMLSUSESW 
 

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