TIDMPTG
RNS Number : 3417B
Portland Gas plc
26 October 2009
+-------------------------------------+-------------------------------------+
| 26 October 2009 | For Immediate Release |
+-------------------------------------+-------------------------------------+
PRESS RELEASE
Final results for the year ended 31 July 2009
Portland Gas plc (AIM: PTG) ("the Company" or "Portland Gas") the independent
gas storage Company is pleased to announce final results for the year ended 31
July 2009.
Operational highlights
* Portland Project funding process launched
*
* BNP Paribas appointed as the project company debt finance advisors
* Field Fisher Waterhouse LLP appointed as the project company solicitors
* Co-operation group established after year end comprising 5 companies which have
expressed an interest in the Project
* Pre-start planning conditions discharged for the Portland Project
* Initial site works on the Portland Project wellpad area commenced
* Good progress made with the Islandmagee Project
*
* Successful two-day public exhibition held
* Planning application submission target of year end 2009
* The Company has continued to pursue and evaluate international gas storage
opportunities
Financial highlights
* Loss for period of GBP1,281,002 (2008; GBP1,569,621)
* Loss per share of 1.82p (2008; 2.33p)
* Cash and cash equivalents as at 31 July 2009 of GBP3,066,502 (2008;
GBP9,276,964)
* Capitalised expenditure on gas storage projects during the year of GBP5,729,823
(2008; GBP7,360,442)
Chief Executive's Report
The Portland Gas group has during this time of economic uncertainty focused on
the Portland Project funding, however it has also been able to progress its
other gas storage projects. It is now well recognised that a significant
programme of gas storage development is required in the United Kingdom and
Ireland to secure energy supplies for the future. The two projects initiated by
the Group in the United Kingdom could between them provide approximately 42
million cubic metres of gas on a cold winter day (this is approximately 10% of
the total United Kingdom and Ireland peak daily demand).
Portland Project
The first funding process for the Portland Project was halted owing to the
'credit crunch' in November 2008. There followed a period of consultation with
interested parties on a bi-lateral basis until July 2009 when a new process was
formally launched. During this intermediate period, BNP Paribas was appointed as
project finance advisors and Field Fisher Waterhouse LLP as new legal advisors
to the project company.
Following the discharge of the pre-start planning conditions, on 31 July
2009 site work commenced at Upper Osprey on Portland.
The first task is to undertake initial works on the wellpad area from which
drilling down to the salt sequence deep below Portland can take place, the first
stage in creating 14 caverns providing storage for 1,000 million cubic metres of
gas. These preliminary works are being performed by Hydrock, a leading national
provider of consultancy and specialist contracting services for construction,
infrastructure and the environment. Engineering design work is being undertaken
by CB&I who have global experience in the engineering, procurement and
construction of major energy infrastructure projects. The Company has reached
agreement with Hydrock to undertake works to a value of GBP300,000. These works
are being funded by a redeemable debenture created on the 7 July 2009 and
granted to Hydrock. Under the terms of the debenture the Company may redeem the
instrument until 31st January 2010 beyond which it is converted into 369,595
ordinary shares.
The gas storage facilities will be constructed in a number of stages, starting
initially with drilling and construction of the facilities required to construct
the caverns, followed by construction of the gas facilities and pipelines. The
project will take approximately seven years to complete.
After the year-end, a Co-operation Group was established following a successful
first phase of the funding process. The Group consists of five companies who
have each expressed an interest in possibly acquiring a working interest in the
Portland Project, together with Infrastrata UK Limited (formerly Portland Gas A
Limited). The Group will work together to conduct a feasibility study in respect
of the Project. The Project's legal advisor, Field Fisher Waterhouse LLP, will
draw up a Shareholders' Agreement and a separate Capacity Agreement. In
parallel, the Project's project finance advisor, BNP Paribas, will work on the
development of the financing structure.
On the 14 July 2009 the Company agreed to place 919,474 new ordinary shares of
10p each at 81.17p per share with Portland Port Limited to settle an existing
liability relating to the East Weares estate lease. These shares were issued
after year end.
Islandmagee Project
The Project, a joint venture with a subsidiary of Northern Ireland Energy
Holdings Limited, is designed to store 500 million cubic metres of natural gas.
During 2009, technical experts developed a design for the storage caverns and
surface facilities and further progress was made on the Environmental Impact
Assessment.
In June 2009 a successful two-day public exhibition to present information and
gather feedback on the project was held. Further consultations with stakeholders
are planned for the end of October 2009 and a target date of year end 2009 has
been set for submission of the planning application.
Storage asset portfolio development
The Group made progress with its plans for new gas storage projects in Germany
and Spain. In Germany, a review of the geology and infrastructure has resulted
in activity being focused on a salt dome in northern Germany. In Spain, a local
subsidiary Portland Gas ESP S.L. was formed to develop the Group's Spanish gas
storage plans.
Outlook
The 2009/10 financial year will again be an active time for the business. The
Group looks forward to the introduction of investors in the Portland Project and
to continuing the development and construction of the Upper Osprey site.
Islandmagee Storage Limited (the project company for the Northern Ireland
Project re-named during the year from Portland Gas NI Limited) plans to complete
the Environmental Impact Assessment and submit the Project planning application
before the end of the 2009 calendar year. In addition the Group will continue in
its stated objective of developing an international gas storage business.
Portland Gas plc
Consolidated income statement
For the year ended 31 July 2009
_________________________________________________________________________
+---------------------------+--------+---------+-------------+--+-------------+
| | Note | | 2009 | | 2008 |
+---------------------------+--------+---------+-------------+--+-------------+
| | | | GBP | | GBP |
+---------------------------+--------+---------+-------------+--+-------------+
| Continuing operations | | | | | |
+---------------------------+--------+---------+-------------+--+-------------+
| Revenue | | | - | | - |
+---------------------------+--------+---------+-------------+--+-------------+
| | | | | | |
+---------------------------+--------+---------+-------------+--+-------------+
| Cost of sales | | | - | | - |
+---------------------------+--------+---------+-------------+--+-------------+
| | | | | | |
+---------------------------+--------+---------+-------------+--+-------------+
| | | | | | |
+---------------------------+--------+---------+-------------+--+-------------+
| Gross profit/(loss) | | | - | | - |
+---------------------------+--------+---------+-------------+--+-------------+
| | | | | | |
+---------------------------+--------+---------+-------------+--+-------------+
| Administrative expenses | | | (1,454,441) | | (1,767,017) |
+---------------------------+--------+---------+-------------+--+-------------+
| | | | | | |
+---------------------------+--------+---------+-------------+--+-------------+
| | | | | | |
+---------------------------+--------+---------+-------------+--+-------------+
| Operating loss | | | (1,454,441) | | (1,767,017) |
+---------------------------+--------+---------+-------------+--+-------------+
| | | | | | |
+---------------------------+--------+---------+-------------+--+-------------+
| Investment revenues | | | 173,439 | | 197,396 |
+---------------------------+--------+---------+-------------+--+-------------+
| | | | | | |
+---------------------------+--------+---------+-------------+--+-------------+
| | | | | | |
+---------------------------+--------+---------+-------------+--+-------------+
| Loss before taxation | | | (1,281,002) | | (1,569,621) |
+---------------------------+--------+---------+-------------+--+-------------+
| | | | | | |
+---------------------------+--------+---------+-------------+--+-------------+
| Taxation | | | - | | - |
+---------------------------+--------+---------+-------------+--+-------------+
| | | | | | |
+---------------------------+--------+---------+-------------+--+-------------+
| | | | | | |
+---------------------------+--------+---------+-------------+--+-------------+
| Loss for the year | | | (1,281,002) | | (1,569,621) |
+---------------------------+--------+---------+-------------+--+-------------+
| | | | | | |
+---------------------------+--------+---------+-------------+--+-------------+
| | | | | | |
+---------------------------+--------+---------+-------------+--+-------------+
| Basic and diluted loss | 1 | | 1.82p | | 2.33p |
| per share | | | | | |
+---------------------------+--------+---------+-------------+--+-------------+
| | | | | | |
+---------------------------+--------+---------+-------------+--+-------------+
Portland Gas plc
Consolidated balance sheet
As at 31 July 2009
___________________________________________________________________________
+----------------------------+---------+---------+-------------+--+-------------+
| | | | 2009 | | 2008 |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | GBP | | GBP |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| Non-current assets | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| Plant and equipment | | | 20,346,503 | | 15,195,167 |
+----------------------------+---------+---------+-------------+--+-------------+
| Intangible assets | | | 1,821,551 | | 1,263,659 |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| Total non-current assets | | | 22,168,054 | | 16,458,826 |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| Current assets | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| Trade and other | | | 149,356 | | 305,520 |
| receivables | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| Available for sale | | | 12,500 | | 12,500 |
| financial assets | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| Cash and cash equivalents | | | 3,066,502 | | 9,276,964 |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| Total current assets | | | 3,228,358 | | 9,594,984 |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| Current liabilities | | | | | |
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| Trade and other payables | | | (925,202) | | (1,408,848) |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| Net current assets | | | 2,303,156 | | 8,186,136 |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| Non-current liabilities | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| Obligations under | | | (2,185,741) | | (1,963,519) |
| contractual and operating | | | | | |
| lease agreements due after | | | | | |
| one year | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| Net assets | | | 22,285,469 | | 22,681,443 |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| Shareholders' funds | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| Share capital | | | 7,038,473 | | 7,038,473 |
+----------------------------+---------+---------+-------------+--+-------------+
| Share premium | | | 8,576,705 | | 8,576,705 |
+----------------------------+---------+---------+-------------+--+-------------+
| Merger reserve | | | 8,988,112 | | 8,988,112 |
+----------------------------+---------+---------+-------------+--+-------------+
| Shares to be issued | | | 746,337 | | - |
+----------------------------+---------+---------+-------------+--+-------------+
| Share based payment | | | 177,189 | | 38,498 |
| reserve | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| Retained earnings | | | (3,241,347) | | (1,960,345) |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | 22,285,469 | | 22,681,443 |
+----------------------------+---------+---------+-------------+--+-------------+
| | | | | | |
+----------------------------+---------+---------+-------------+--+-------------+
Portland Gas plc
Consolidated statement of changes in equity
For the year ended 31 July 2009
_____________________________________________________________________________
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| | Share | Share | Merger | Shares | Share | Retained | Total |
| | capital | premium | reserve | to be | based | earnings | equity |
| | | | | issued | payment | | |
| | | | | | reserve | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| Balance at 31 | 117,782 | - | 11,650,514 | - | - | (390,724) | 11,377,572 |
| July 2007 | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| Loss for the | - | - | - | - | - | (1,569,621) | (1,569,621) |
| year | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| Total recognised | - | - | - | - | - | (1,569,621) | (1,569,621) |
| income and | | | | | | | |
| expenses for the | | | | | | | |
| year | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| Issue of equity | 40,000 | - | 3,960,000 | - | - | - | 4,000,000 |
| share capital | | | | | | | |
| (pre- demerger) | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| Portland Gas plc | 6,622,402 | - | (6,622,402) | - | - | - | - |
| capitalisation | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| Issue of equity | 258,289 | 8,576,705 | - | - | - | - | 8,834,994 |
| share capital | | | | | | | |
| (post-demerger) | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| Share based | - | - | - | - | 38,498 | - | 38,498 |
| payments | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| Balance at 31 | 7,038,473 | 8,576,705 | 8,988,112 | - | 38,498 | (1,960,345) | 22,681,443 |
| July 2008 | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| Loss for the | - | - | - | - | - | (1,281,002) | (1,281,002) |
| year | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| Total recognised | - | - | - | - | - | (1,281,002) | (1,281,002) |
| income and | | | | | | | |
| expenses for the | | | | | | | |
| year | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| Commitment to | - | - | - | 746,337 | - | - | 746,337 |
| issue shares | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| Share based | - | - | - | - | 138,691 | - | 138,691 |
| payments | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
| Balance at 31 | 7,038,473 | 8,576,705 | 8,988,112 | 746,337 | 177,189 | (3,241,347) | 22,285,469 |
| July 2009 | | | | | | | |
+------------------+-----------+-----------+-------------+----------+----------+-------------+-------------+
Portland Gas plc
Consolidated cash flow statement
For the year ended 31 July 2009
___________________________________________________________________________
+----------------------------+---------+--------+------------+--------------+--+--------------+
| | Note | | 2009 | | 2008 |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | GBP | | GBP |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| Net cash (used in) | 2 | | (1,175,444) | | (1,275,246) |
| operating activities | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| Investing activities | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| Interest received | | | 173,439 | | 197,396 |
+----------------------------+------------------+------------+--------------+--+--------------+
| Purchase of intangible | | | (530,729) | | (5,645,493) |
| assets | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| Purchase of plant and | | | (4,678,611) | | (63,887) |
| equipment | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| Purchase of financial | | | - | | (12,500) |
| assets | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| Proceeds on disposal of | | | 883 | | - |
| plant and equipment | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| Net cash (used in) | | | (5,035,018) | | (5,524,484) |
| investing activities | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| Financing activities | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| Proceeds on issue of | | | - | | 12,639,999 |
| ordinary shares | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| Net cash generated from | | | - | | 12,639,999 |
| financing activities | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| Net (decrease)/increase in | | | (6,210,462) | | 5,840,269 |
| cash and cash equivalents | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| Cash and cash equivalents | | | 9,276,964 | | 3,436,695 |
| at beginning of year | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| Cash and cash equivalents | | | 3,066,502 | | 9,276,964 |
| at end of year | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| Cash and cash equivalents consist of: | | | | |
+-----------------------------------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| Cash in hand and at bank | | | 3,066,502 | | 9,276,964 |
+--------------------------------------+--------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | GBP3,066,502 | | GBP9,276,964 |
+----------------------------+------------------+------------+--------------+--+--------------+
| | | | | | |
+----------------------------+---------+--------+------------+--------------+--+--------------+
Significant non-cash transaction
The above excludes the settlement of a liability of GBP746,337, where the
supplier agreed to accept 919,474 new 10p ordinary shares in settlement; the
shares were issued after year end.
Portland Gas plc
Notes to the financial statements
For the year ended 31 July 2009
_____________________________________________________________________________
+----+--------------------------------------------------+------------+------------+
| 1. | Loss per share | 2009 | 2008 |
+----+--------------------------------------------------+------------+------------+
| | | p | p |
+----+--------------------------------------------------+------------+------------+
| | | | |
+----+--------------------------------------------------+------------+------------+
| | Basic loss per share | 1.82 | 2.33 |
+----+--------------------------------------------------+------------+------------+
| | | | |
+----+--------------------------------------------------+------------+------------+
| | The calculation of basic loss per share is based upon a loss of |
| | GBP1,281,002 (2008; GBP1,569,621) divided by the weighted average number |
| | of ordinary shares in issue of 70,384,727 (2008; 67,381,698). |
| | In accordance with IAS 33, diluted earnings per share calculations are not |
| | presented as assumed conversion of outstanding share options would be |
| | anti-dilutive, as such the diluted earnings per share is equal to the |
| | basic loss per share. |
+----+--------------------------------------------------+------------+------------+
+----+-------------------------------+--+------------+-----+-------------+-------------+
| 2. | Cash (used in) operations | | | | 2009 | 2008 |
+----+-------------------------------+--+------------+-----+-------------+-------------+
| | Group | | | | GBP | GBP |
+----+-------------------------------+--+------------+-----+-------------+-------------+
| | | | | | | |
+----+-------------------------------+--+------------+-----+-------------+-------------+
| | Operating loss for the year | | | | (1,454,441) | (1,767,017) |
+----+-------------------------------+--+------------+-----+-------------+-------------+
| | Depreciation | | | | 21,880 | 19,342 |
+----+-------------------------------+--+------------+-----+-------------+-------------+
| | Profit on disposal of plant & | | | | 367 | - |
| | equipment | | | | | |
+----+-------------------------------+--+------------+-----+-------------+-------------+
| | Decrease in trade and other | | | | 156,164 | 22,816 |
| | receivables | | | | | |
+----+-------------------------------+--+------------+-----+-------------+-------------+
| | (Decrease)/Increase in trade | | | | (38,105) | 216,121 |
| | and other payables | | | | | |
+----+-------------------------------+--+------------+-----+-------------+-------------+
| | Share option expense | | | | 138,691 | 38,498 |
+----+-------------------------------+--+------------+-----+-------------+-------------+
| | Shares issued in lieu of | | | | - | 194,994 |
| | bonus | | | | | |
+----+-------------------------------+--+------------+-----+-------------+-------------+
| | | | | | | |
+----+-------------------------------+--+------------+-----+-------------+-------------+
| | | | | | | |
+----+-------------------------------+--+------------+-----+-------------+-------------+
| | Cash (used in) operations | | | | (1,175,444) | (1,275,246) |
+----+-------------------------------+--+------------+-----+-------------+-------------+
| | | | | | | |
+----+-------------------------------+--+------------+-----+-------------+-------------+
| | | | | | | |
+----+-------------------------------+--+------------+-----+-------------+-------------+
+----+-------------------------------+--+------------+-----+---------+--+------------+
| 3. | Basis of preparation | | | | | | |
+----+-------------------------------+--+------------+-----+---------+--+------------+
| | | | | | | | |
+----+-------------------------------+--+------------+-----+---------+--+------------+
| | The financial information set out in this announcement does not comprise the |
| | Group's statutory accounts for the years ended 31 July 2009 or 31 July 2008. |
| | The financial information has been extracted from the statutory accounts of |
| | the Company for the years ended 31 July 2009 and 31 July 2008. The auditors |
| | reported on those accounts; their reports were unqualified and did not |
| | contain a statement under either Section 498 (2) or Section 498 (3) of the |
| | Companies Act 2006 or Section 237 (2) or Section 237 (3) of the Companies Act |
| | 1985 respectively and did not include references to any matters to which the |
| | auditor drew attention by way of emphasis. |
| | The statutory accounts for the year ended 31 July 2008 have been delivered to |
| | the Register of Companies; those for the year ended 31 July 2009 were |
| | approved by the board on 23 October 2009 and will be delivered to the |
| | Registrar of Companies following the Company's Annual General Meeting. |
+----+-------------------------------+--+------------+-----+---------+--+------------+
+----+-------------------------------+--+------------+--+------------+--+------------+
| 4. | Approval | | | | | | |
+----+-------------------------------+--+------------+--+------------+--+------------+
| | | | | | | | |
+----+-------------------------------+--+------------+--+------------+--+------------+
| | The preliminary announcement was approved by the Board on 23 October 2009. |
+----+-------------------------------+--+------------+--+------------+--+------------+
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 is focused on the development of two gas storage projects
in the United Kingdom at Portland, Dorset and at Islandmagee, County Antrim,
Northern Ireland. The two projects could between them provide over 10% of the
total UK and Ireland peak daily demand in the latter part of the next decade.
The Company is also developing new projects in mainland Europe initially
focusing on Germany and Spain. 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. In order that the "Portland
Gas" name can remain with the Portland Project where it is very well established
in Dorset, the Directors intend to seek approval at the next Annual General
Meeting of the Company, scheduled for December 2009, to change the name of
Portland Gas plc to "Infrastrata plc". The project company, Portland Gas
Holdings Limited, would then be renamed to "Portland Gas Limited".
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
END
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