OilVoice - Formation of Co-operation Group for the Portland Project

Formation of Co-operation Group for the Portland Project

Friday, October 23, 2009

Portland Gas plc announce that a Co-operation Group has been established in connection with the proposed 1 billion cubic metre gas storage project which is to be created at the Isle of Portland in Dorset, UK.

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 (the subsidiary of Portland Gas plc that currently owns Portland Gas Holdings Limited (“PGL”)). The Group will work together to conduct a feasibility study in respect of the Project. PGL’s legal advisor, Field Fisher Waterhouse LLP, will draw up a Shareholders’ Agreement and a separate Capacity Agreement. In parallel, PGL’s project finance advisor, BNP Paribas, will work on the development of the financing structure.

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