PTG Portland Gas

    RNS Number : 2059K
  Portland Gas plc
  16 December 2008
   

    


 For Immediate Release  16 December 2008  


    PRESS RELEASE

    Appointment of a new non-executive Director


    The Directors of Portland Gas plc (AIM: PTG) ("the Company" or "Portland Gas") today announce the appointment of Jonathan Davie a new
non-executive Director of the Company.

    Mr Davie (aged 62) is a qualified Chartered Accountant. He joined George M. Hill and Co as a jobber on the London Stock Exchange in
1969. The firm was acquired by Wedd Durlacher Mordaunt and Co where Jonathan became a partner in 1975. Jonathan was the firm's senior
dealing partner on its acquisition by Barclays Bank to form BZW in 1986. Jonathan developed BZW's Fixed Income business prior to becoming
CEO of the Global Equities Business in 1991. In 1996 Jonathan became Deputy Chairman of BZW and then Vice Chairman of Credit Suisse First
Boston in 1998 on their acquisition of most of BZW's businesses. Jonathan is presently the non-executive Chairman of IG Group Holdings plc,
a non-executive director of the Credit Suisse Private Bank in the UK, and a partner in First Avenue Partners, an alternatives advisory
boutique.

    Commenting on the appointment today, Ken Ratcliff, the Chairman of Portland Gas, said: 

    "We are pleased to have strengthened our Board of Directors through the appointment of Jonathan Davie who brings a wealth of City
experience and will help improve shareholder liaison. In particular, in response to these fast-moving times, we believe that shareholders
need to be kept fully appraised of developments within the Company and with his background and experience Jonathan is the right man to
ensure that this function is fulfilled to good effect. We look forward to Jonathan's contribution and the added perspective that he will
bring to the Board."


    For further information please contact:

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

    Jonathan Davie

    Jonathan Richard Davie's current and past directorships and/or partnerships are set out below in accordance with paragraph (g) of
Schedule Two of the AIM Rules of the London Stock Exchange.
    Current
    B & J Developments Limited
    Credit Suisse (UK) Ltd
    IG Group Holdings plc
    Heathfield St. Mary's School
    First Avenue Partners LLP

    Past
    Isle of Dogs Community Foundation
    Everychild


    Background on Portland Gas 

    Portland Gas' business is focused on the development of two gas storage projects in the United Kingdom and the development of new
projects in mainland Europe. 

    The Portland Project, which the Company owns 100%, will be the largest onshore gas storage facility in the UK, for which planning
permission was granted by Dorset County Council in May 2008 and Pipeline Construction Authorisation was granted by the BERR (now known as
the Department of Energy and Climate Change) in July 2008. An Environmental Impact Assessment is currently being carried out for the Larne
Lough Project in Northern Ireland. Should a borehole in 2009 confirm the suitability of a salt sequence for the development of a gas storage
facility a planning application for the project will be submitted later in 2009. The Company has a 65% interest in the Larne Lough project.
Its partner in the project is a subsidiary of Northern Ireland Energy Holdings Limited, the owner of the Scotland to Northern Ireland gas
pipeline. The two projects could between them provide up to 10% of the total UK and Ireland peak daily demand in the latter part of the next
decade. 

    The company is one of only a few in Europe focused specifically on gas storage development, a sector with significant growth potential
in Europe over the coming decades.

    Further information is available on the Company's website www.portland-gas.com.




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