PTG Portland Gas

    RNS Number : 3844D
  Portland Gas plc
  15 September 2008
   



 For Immediate Release  15 September 2008


    Portland Gas plc

    Operational Update


    The Directors of Portland Gas plc (AIM: PTG) ("the Company" or "Portland Gas") would like to provide a brief update on the current
operations of the Company.  

    In Northern Ireland a drilling rig has been secured from British Drilling and Freezing Company Limited to drill a borehole to confirm
the suitability of the Permian salt sequence for the creation of caverns below Larne Lough. It is currently estimated that drilling
operations for the borehole will commence in January 2009. 

    Engineering design and site preparation work is progressing for the Portland project, to ensure drilling operations can commence for the
cavern boreholes in the summer of 2009. The process to seek funding for the Portland project through the introduction of Joint Venture
partners is progressing in accordance with an agreed timetable. Binding bids for this process are due shortly and the Company will provide
an update on the process at the time of its Preliminary Results announcement, scheduled for 10th October 2008.



    For further information please contact:

    Portland Gas plc
 Andrew Hindle, Chief Executive Officer           020 8332 1200
 Craig Gouws, Chief Financial Officer

 PR - Watershed
 Sara Hudston                                     01308 420785

 Investor Relations - Buchanan Communications 
 Ben Willey                                       020 7466 5000

 Nominated Advisor and Broker - Seymour Pierce 
  
 Jonathan Wright                                  020 7107 8000
 Sarah Jacobs
 Richard Redmayne




    Notes to Editors:

    Background on Portland Gas 

    Portland Gas' business focuses on the development of gas storage projects and associated infrastructure in the United Kingdom and
internationally. It currently has two projects in its portfolio, the first on Portland, for which planning permission was granted by Dorset
County Council in May 2008 and Pipeline Construction Authorisation was granted by the Department of Business Enterprise and Regulatory
Reform in July 2008. The second project is at Larne Lough in Northern Ireland and the Company is progressing further new venture projects in
Europe. Further information is available on the Company's website www.portland-gas.com. The company is one of only a few in Europe focused
specifically on gas storage development, a sector with significant growth potential given the projected significant increase in demand for
gas in Europe over the coming decades.



This information is provided by RNS
The company news service from the London Stock Exchange
 
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