PTG Portland Gas

 

TIDMPTG 
 
 
Portland Gas plc 
18 June 2009 
 
? 
 
 
+-------------------------------------+-------------------------------------+ 
| For Immediate Release               |                        18 June 2009 | 
+-------------------------------------+-------------------------------------+ 
 
 
 
 
 
 
Portland Gas plc 
 
 
PRESS RELEASE 
 
 
 
 
Date set for public exhibition of proposals for gas storage project 
 
 
 
 
Portland Gas plc ("Portland Gas") and Northern Ireland Energy Holdings ("NIEH"), 
the partners in Islandmagee Storage Limited (name recently changed from Portland 
Gas NI Limited) today announces that they will be holding a two-day public 
exhibition to present information and invite feedback on a series of proposals 
for the multi-million pound gas storage scheme on Islandmagee. 
 
The exhibition, which will run from 2pm - 8pm on Friday 26th June and from 10am 
- 4pm on Saturday 27th June in 2nd Islandmagee Presbyterian Church Hall, Lunnan 
Road, Islandmagee, will provide a platform for the Islandmagee Storage Project 
team to gather any views and ideas that key stakeholders and members of the 
public may have relating to the options being considered at this stage. 
 
 
Dr Andrew Hindle, CEO of Portland Gas commented: 
 
 
"Our seismic survey, undertaken in 2007, has given us an excellent picture of 
the geological structure of the area confirming that the conditions deep below 
Larne Lough, at a depth of around 1400 metres, are ideal for storing natural 
gas. 
 
 
"Over the last few months our technical experts have been advancing designs for 
the storage caverns and further progress has been made on the Environmental 
Impact Assessment relating to the proposed project. Information on all of this 
and more will be on display during our two-day exhibition and we will welcome 
any feedback members of the public may have on the current proposals." 
 
 
Commenting on the importance of the project for Northern Ireland, Executive 
Director of NIEH William Cargo said: 
 
 
"The island of Ireland is increasingly dependant on natural gas for its energy 
supplies. This gas storage project will help to ensure the security of future 
gas supplies and have a positive influence on seasonal price fluctuations." 
 
 
This is the first of two public exhibitions that Islandmagee Storage Limited is 
intending to hold before submitting a planning application later this year. The 
follow up event will be held in September to consult on preferred designs ahead 
of the submission of a planning application which is anticipated before year 
end. 
 
 
 
 
For further information please contact: 
 
 
Portland Gas plc 
 
 
+--------------------------------------------------+-----------------------+ 
| Andrew Hindle, Chief Executive Officer           | 020 8332 1200         | 
| Craig Gouws, Chief Financial Officer             |                       | 
+--------------------------------------------------+-----------------------+ 
|                                                  |                       | 
+--------------------------------------------------+-----------------------+ 
| Northern Ireland Energy Holdings                 | 028 9043 7580         | 
| William Cargo, Executive Director                |                       | 
+--------------------------------------------------+-----------------------+ 
|                                                  |                       | 
+--------------------------------------------------+-----------------------+ 
| PR - Watershed                                   | 01308 420785          | 
| Sara Hudston                                     |                       | 
+--------------------------------------------------+-----------------------+ 
|                                                  |                       | 
+--------------------------------------------------+-----------------------+ 
| Jet PR (Northern Ireland Public Relations        | 07803 722322          | 
| Consultant)                                      |                       | 
| Jacqui Thompson                                  |                       | 
+--------------------------------------------------+-----------------------+ 
|                                                  |                       | 
+--------------------------------------------------+-----------------------+ 
| 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 ("PG") 
 
 
The business focus for PG is the development of gas storage projects in the 
United Kingdom and internationally. It currently has two projects in its UK 
portfolio; the Portland project in Dorset, and the Islandmagee Storage project 
in Northern Ireland, which was first announced in July 2007 and in which they 
have a 65% interest. Further information is available on PG's website 
www.portland-gas.com. 
 
 
Background on Northern Ireland Energy Holdings ("NIEH") 
 
 
NIEH is a company limited by guarantee. Its principal objective is to own and 
operate energy infrastructure assets in the interests of the energy consumers of 
Northern Ireland. The company is a mutualised entity and therefore has no 
shareholders and its primary stakeholders are energy consumers. 
 
 
NIEH subsidiary Premier Transmission Limited operates the Scotland to Northern 
Ireland natural gas transmission pipeline ("SNIP"). The 24-inch diameter 
pipeline is 135 kilometres long and runs from Twynholm in Scotland to 
Ballylumford in Northern Ireland. It transports gas to Ballylumford Power 
Station which generates over half of Northern Ireland's electricity needs and 
feeds the natural gas distribution system in Belfast and the Greater Belfast 
area. NIEH also operates the Belfast Transmission Pipeline and the 500 megawatt 
Moyle electricity interconnector to Scotland. 
 
 
Background on the Islandmagee Storage project 
 
 
The interpretation of a 3D seismic data acquired in 2007 has indicated that the 
Permian salt sequence encountered in 1981 in the Larne-2 borehole extends under 
Larne Lough into the area where Islandmagee Storage Limited (name recently 
changed from Portland Gas NI Limited) was granted an exploration licence in 2007 
by The Crown Estate. The salt in the target area is at a depth of approximately 
1,400 metres with a thickness of approximately 200 meters. 
 
 
The caverns would be created within the salt sequence below Larne Lough but 
accessed from directionally drilled boreholes on the land. The nearest point of 
connection to the national gas infrastructure is at the Scotland to Northern 
Ireland Pipeline above ground installation at Ballylumford. Connection for the 
power required for surface facilities is available adjacent to the proposed site 
of the gas facilities. 
 
 
The facility is being designed to store up to 500 million cubic metres (18 
billion cubic feet) of gas. 
 
 
Background to gas storage 
 
 
Natural gas is an extremely important source of energy, currently contributing 
39 per cent of the UK's energy needs.  Over 90% of gas supplies are now imported 
from GB to the island of Ireland. Northern Ireland is wholly dependent on GB for 
its supplies. Northern Ireland and Ireland are becoming increasingly dependent 
on gas for electric power generation with approximately 60% of Northern 
Ireland's electricity produced by gas-fired power stations. 
 
 
Gas storage plays an important role in managing swings in demand and mitigating 
the need for expensive short-term imports. Gas storage facilities can be filled 
during times of lower demand to be available during periods of higher demand, 
either on a daily basis or seasonally. 
 
 
Opportunities for a safe and environmentally friendly method of storing gas are 
relatively few. One of the safest and most environmentally friendly methods of 
storing large quantities of gas is deep underground within caverns created 
within salt sequences. This is a tried and tested method in use all over the 
world for more than 40 years. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 NRASFIFMWSUSEFM 
 

Portland Gas (LSE:PTG)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024

Portland Gas (LSE:PTG)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024