InfraStrata, the UK quoted firm targeted on the event of pure gasoline storage capability, is happy to announce that it has lodged an utility with the Department for the Economy in Northern Ireland for a further Mineral Prospecting Licence in respect of its Islandmagee gasoline storage venture.
This new utility is along with earlier functions and licences granted for the Project and covers a block of land adjoining to current parcels of land below licence to InfraStrata. The Licence utility runs from Ballylumford Road by to Browns Bay.
If profitable, this utility might facilitate the event of a further 15 gasoline storage caverns along with the eight already deliberate and permitted for the Project. During the early analysis levels of the Islandmagee website, extra seismic information was obtained that lined a considerable portion of the Licence space. As talked about within the Company’s announcement of 5 December 2018, Atkins has been engaged to additional examine and supply a Concept Development Study on creating a further 15 caverns on the Project. Atkins will progress evaluating this information in January 2019 and problem a report throughout Q2 2019.
Whilst no assure may be on condition that this licence utility can be profitable, it is among the first steps within the course of for the proposed extra caverns. Over the approaching months, extra functions can be required in addition to numerous new landowner agreements.
John Wood, Chief Executive Officer commented: “As a part of our wider technique to completely realise the potential in Islandmagee, acquiring a prospecting licence for this extra block would be the first step on that journey. Clearly, we’re at a really early stage on this course of however will probably be working in parallel with our current work streams for the event of the preliminary eight caverns.”
The Islandmagee gasoline storage venture is a proposed salt cavern gasoline storage facility situated on Islandmagee in County Antrim, Northern Ireland. The Board of InfraStrata believes that the proposed 500 million cubic metres pure gasoline cavern storage facility will present over 25% of the UK’s pure gasoline storage as soon as constructed. The facility can be located adjoining to the Scotland Northern Ireland (gasoline) Pipeline (SNIP) and the Moyle 500 megawatt electrical energy interconnector. Work commenced in 2007 with the acquisition of 3D seismic information to picture the Permian salt within the Larne Lough space. During 2012, planning permission was granted for the venture and a gasoline storage licence was issued by the Utility Regulator. In 2015 a effectively was drilled to core the salt and ensure the technical feasibility of the venture, supported partially by the European Commission. The Front End Engineering and Design (FEED) aspect of the Project was accomplished in November 2018 and the FEED report was submitted to the European Union in December 2018 in accordance with the Company’s grant circumstances. (Source and picture: InfraStrata/Islandmagee salt drilling rig)
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