RNS Releases
15 July 2009 - Solicitors appointed to the Portland Project PDF Print E-mail

The Directors of Portland Gas plc (AIM: PTG) (“the Company” or “Portland Gas”) today announce that Field Fisher Waterhouse LLP (“FFW”) are being appointed as solicitors to Portland Gas Holdings Limited (“project company”) which owns the Portland Project.

Walter Roberts, Legal and Commercial Director of Portland Gas commented:

“In preparing for the new funding process to be announced shortly, we have concluded that the project company’s solicitors will need to be independent of Portland Gas plc and that all investors in the project, including Portland Gas plc, will need to be in the same relationship, so far as possible, with the project company. FFW will therefore be acting for all the future shareholders of the project company as a group. Norton Rose LLP will continue to act for Portland Gas plc.”

“We are very pleased that FFW have agreed to act for the project company. They have a wealth of extremely relevant experience from projects which have been successfully structured in almost identical ways to the structure which is now being proposed for the Portland Project. ”

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”.

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14 July 2009 - Date set for the start of construction of the Portland Project PDF Print E-mail

The Directors of Portland Gas plc (AIM: PTG) (“the Company” or “Portland Gas”) today announce that it plans to commence construction of the Portland Project on 31st July 2009. The initial works on the wellpad will be performed by Hydrock Group Limited.

In parallel the Company will launch a formal process shortly to secure full funding for the project. An Information Memorandum, process timetable and the project construction programme are currently being finalised.

Dr Andrew Hindle, CEO of Portland Gas commented:

“Following discharge of the pre-start planning conditions, we are pleased to be able to start construction whilst continuing to seek full funding for the Portland Project. This is an exciting milestone in the development of what will be the largest gas storage facility onshore UK.”

“Hydrock has already proved themselves on the Portland project through the successful completion of a ground investigation programme and design of the ground engineering works on the Portland site in 2007 and is the preferred contractor to undertake the initial site construction work. Hydrock has an excellent reputation and has been placed in the top 100 companies to work for by the Sunday Times for the past three years.”

Commenting on the agreement with Portland Gas, Managing Director of Hydrock, Brian McConnell said:

“We recognise the importance of the Portland Project to securing energy supplies to the UK for the future and look forward to working with Portland Gas to ensure its successful development.”

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14 July 2009 - Agreements with Hydrock Group Limited and Portland Port Limited PDF Print E-mail

The Directors of Portland Gas plc (AIM: PTG) (“the Company” or “Portland Gas”) today announce that they have reached agreement with Hydrock Group Limited (“Hydrock”) to undertake work to a value of £300,000 on the Portland Project. This will be funded by a redeemable debenture 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 in Portland Gas plc.

The Company announces that is has also reached agreement with Portland Port Limited regarding the settlement of existing liabilities in relation to the Company’s lease of land adjacent to the site of the gas storage facilities. The agreement settles all outstanding accrued liabilities for the East Weares estate up to 31st July 2009 by the issue of 919,474 new ordinary shares in the Company. As part of the agreement, future East Weares lease payments will be deferred by Portland Gas until the project is funded, apart from £10,000 per month which continues to be payable in cash.

Both of the above agreements are based on an issue price of 81.17p per share, equivalent to the average closing price of a Portland Gas share over the period 8th – 10th July 2009.

Application will be made for the admission to trading on AIM of 919,474 new ordinary  shares in the capital of the Company and dealings are expected to commence on 23rd July 2009.

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20 April 2009 - Interim results for the six months ended 31 January 2009 PDF Print E-mail

Portland Gas plc (AIM: PTG), the independent sub-surface gas storage company, today announces its unaudited interim results for the six months ended 31 January 2009.

Overview and highlights

• The first funding process for the Portland project was halted owing to the “credit crunch” in November 2008. BNP Paribas have since been appointed as project finance advisors and a new funding process for the Portland project is expected to commence in May 2009.
• Following a period of bi-lateral discussions with interested parties a new data-room was opened in March 2009 for the Portland project.
• All the remaining pre-start planning conditions for the Portland project were discharged during February 2009 and it is now ready to move into the construction phase.
• The Larne Lough project Environmental Impact Assessment work continues with a planning application submission target for Q4 2009 following a further period of consultation with stakeholders after a public exhibition scheduled for June 2009.
• Progress made with new ventures in both Germany and Spain during the period.
• The Board of Directors was strengthened in December 2008 with the appointment of Jonathan Davie.
• Cash position - £4.8 million (31 July 2008 - £9.3 million)
• Net asset position - £22.0 million (31 July 2008 - £22.7 million)

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19 December 2008 - Director Shareholdings PDF Print E-mail

Further to the announcement of 16 December 2008, the Directors of Portland Gas pic (AIM: PTG) ("the Company" or "Portland Gas") were informed on 18 December 2008 that Jonathan Davie, non-executive Director of the Company, is beneficially interested in 575,400 Ordinary Shares representing approximately 0.82% of the issued share capital of the Company.

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