OilVoice - Portland Gas Provides Corporate Update

Portland Gas Provides Corporate Update

Tuesday, August 18, 2009

Portland Gas plc announces that Ernst & Young LLP has been appointed as financial advisors to the Company in respect of the proposed divestment of shares in Portland Gas Holdings Limited (“PGL”).

PGL is the developer of the Company’s proposed large and flexible gas storage facility at Portland in the UK (“Portland Project”). The details of the sale process were announced to the market on 30th July 2009. Potential investors are being asked to express interest by the end of September 2009 to join a Co-operation Group which will facilitate the sharing of due-diligence activities and costs. In Q1 2010 those who have participated in the Group will then have an opportunity to make a firm commitment to invest.

Commenting on the news, Craig Gouws, CFO of Portland Gas plc, said:
“We are pleased that Ernst & Young has joined the team to advise the Company during the ongoing process. The appointment of Ernst & Young is an important milestone in the sale process and we believe Ernst & Young has the depth of experience and skill to provide the necessary support and advice during the divestiture process”.

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