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InfraStrata Updates Funding for Islandmagee Gas Storage Project

Source: www.gulfoilandgas.com 1/4/2017, Location: Europe

The Board of InfraStrata plc, the independent gas storage company, announces an update in respect of the Company's working capital position and its fundraising activities following its announcement on 4 November 2016 (the "Announcement"). The Company is continuing to examine its options with its advisers for securing the necessary funding to enable work to commence on the Front-End Engineering Design (FEED) for the Islandmagee gas storage project, as well as to provide additional working capital for the Company.

The Board has recently engaged with potential investors with a view to securing the funding for the FEED and corporate overheads as set out in the Announcement, and this process is ongoing. In the meantime, the Company is in advanced stages of negotiations for potential debt funding to be provided in the short term. The Board currently believes this proposed debt funding will be sufficient, with existing funds, to meet InfraStrata's minimum levels of corporate costs to the end of 2017, but the progression of the FEED will require the securing of additional funding. It is emphasised that there can be no certainty regarding the timing of the conclusion of any of the Company's current fundraising negotiations, the terms of such funding and/or whether any new funding will ultimately be secured. Should short-term funding not be forthcoming during January, then the Board will need to consider whether the Company can continue as a going concern.

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.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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