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infrastrata plc (INFA) Details

InfraStrata plc, together with its subsidiaries, operates as a gas storage company. It engages in the development of gas storage project at Islandmagee in County Antrim in Northern Ireland. The company was formerly known as Portland Gas plc and changed its name to InfraStrata plc in December 2009. InfraStrata plc was incorporated in 2007 and is based in London, the United Kingdom.

3 Employees
Last Reported Date: 01/29/19
Founded in 2007

infrastrata plc (INFA) Top Compensated Officers

Interim Chairman & CEO
Total Annual Compensation: 75.5K GBP
CFO & Director
Total Annual Compensation: --
Compensation as of Fiscal Year 2018.
infrastrata plc
InfraStrata plc Enters into an Exclusivity Agreement with Meridian Holdings Co

InfraStrata plc announced that it has entered into an Exclusivity Agreement with Meridian Holdings Co. to facilitate the development and an acquisition of the Promoter's Floating Storage Regasification and Reloading Unit Project ("FSRU Project") in the United Kingdom. A typical FSRU project such as this would entail a CAPEX investment of approximately £250 million to £400 million with a construction period of approximately 3 to 4 years. Accordingly, subject to satisfactory due diligence and final contract, InfraStrata, through its wholly owned subsidiary InfraStrata Energy UK Ltd, will be seeking investors to provide the necessary project and investment finance to enable an acquisition of the FSRU Project that would include all of the above assets of the FSRU Project, in addition to all the engineering data that the Promoter has accumulated to date. It is envisaged that the third-party project investors being sought would take equity stakes in InfraStrata Energy UK Ltd, reducing InfraStrata to a minority stake, prior to acquisition of the FSRU Project by InfraStrata Energy UK Ltd. Similar to the Islandmagee Gas Storage Project, InfraStrata will seek an ongoing project management role along with a minority equity interest in the FSRU Project.

InfraStrata plc - Shareholder/Analyst Call

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InfraStrata plc Provides an Update on Recent Progress with the Islandmagee Gas Storage Project

InfraStrata plc provided an update on recent progress with the Company's Islandmagee gas storage project (the 'Project'). The Company is at an advanced stage in negotiations with the final two potential offtake partners and the board of InfraStrata believes these negotiations will reach a conclusion in the near future. It may be that InfraStrata is able to secure an offtake deal for all seven caverns (phase 1 2) rather than just the two caverns originally planned for in phase 1. If this is the case, FID (final investment decision) for phase 2 (five caverns) may be advanced by approximately 12 months from fourth quarter 2020 to fourth quarter 2019, with the knock-on effect of this that FID for phase 1 is delayed by six months to end 2019 due to phases 1 and 2 being addressed together. However, overall this would represent a six month improvement on phase 2 FID and bring the benefits of a larger project than phase 1 alone. However, this is still only another indicative scenario and the final terms and timing of any offtake agreement cannot be guaranteed at this stage. Once an offtake agreement has been signed the Company will be able to provide details of the final agreement and an update on dates for FID. If the scenario materialises where further up front work is required to undertake FID on all 7 caverns (phase 1 2), a convertible loan facility may be provided by a potential equity partner to seek to ensure that the first gas date is not effected and the Project is further de-risked. In relation to the draft marine license, InfraStrata has now provided the relevant authorities with the final draft reports requested and following feedback received, the Company is currently in the process of updating these reports and will re-submit them to the relevant authorities shortly. As previously mentioned, the Company sees no reason that a full marine license will not be issued for the Project in due course. The Company has now submitted the final EU application for the FEED study that was completed last year and the sum of EUR 1.6 million is expected to be received in the next 8 weeks from the EU. In addition, the Company is looking to submit applications for additional grants for circa EUR 8 million in relation to FEED studies for the reverse flow of the existing Scottish Northern Ireland Pipeline (SNIP) (in conjunction with Mutual Energy) and twinning of that pipeline. InfraStrata continues advancing its studies for future project development opportunities on the potential FSRU (floating storage regasification unit) opportunity and additional caverns, moving from the concept development stage to a feasibility study in the near future.


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