BPGM Drops Islandmagee Project in Northern Ireland

BP Gas Marketing (BPGM) has decided to relinquish its option to acquire 50.495% interest in the gas storage project at Islandmagee, Northern Ireland.

BP, which helped securing land rights and planning permission for the project, leaves InfraStrata alone.

‘The funds invested by BPGM have left IMSL in a position to cover the company’s existing commitments and leave funds, which IMSL anticipates are sufficient, to secure the project until there is new funding to develop the project to the next stage. Discussions will commence shortly with potential new investors,’ reads a note released on Wednesday.

The £400 million project will be capable of storing enough gas to cover up to two months of Northern Ireland’s total demand.

“InfraStrata will work closely with our Northern Ireland project partner to seek a new partner for this strategically important project over the coming months, and InfraStrata still hopes to be able to drill the Islandmagee-1 well at the end of the year when the company plans to bring a rig over to Northern Ireland to drill the exploration well,” Andrew Hindle, CEO of InfraStrata commented in a note released on Tuesday.