RNS Releases
19 February 2008 - Portland Project Update PDF Print E-mail

The Directors of Portland Gas plc (AIM : PTG) (“Portland” or the “Company”) the gas storage project development company would like to provide an update on the Portland Project (the “Project”).

Preparations are being made to ensure that construction of the gas storage facility and associated infrastructure could commence immediately upon the grant of planning permission for the project. The construction has been tendered in three packages. Tenders were received separately for the pipelines and facilities during January 2008 and are currently being evaluated. Tenders for the drilling rigs will be received during February 2008.

The current estimate for the construction cost is £500 million. NM Rothschild & Sons were appointed in 2006 to determine the most appropriate financing structure. Rothschild has recently launched, on behalf or Portland, a process to select one or more joint venture partners to develop the project together with Portland. This process would allow bidders to submit offers to fund those development costs of the Project attributable to the bidders' interest in the Project and in addition to fund a share of the costs otherwise attributable to Portland. The process would form part of a Third Party Access compliant structure under the Gas Act. The process has already seen expressions of interest submitted to Rothschild from a number of potential joint venture partners.

On 6 February 2008 the planning committee of Weymouth & Portland Borough Council (‘WPBC’) voted unanimously to support the planning application for the gas storage facility on Portland subject to Dorset County Council (‘DCC’), the determining authority for the planning application, being satisfied with the applications for the gas storage and other facilities associated with the Project. Portland Gas anticipates that a decision will be made by the DCC planning committee in the near future. The authorisation for the construction of the pipeline infrastructure required for the project is the responsibility of the Department of Business, Enterprise and Regulatory Reform.

pdf View or download the release 

18 February 2008 - Holding in Company PDF Print E-mail

The Company was notified on 15 February that Credit Suisse Securities (Europe) Limited holds 14,885,924 Ordinary Shares (with an equivalent amount of voting rights) which represent approximately 21 .95 per cent. of the issued ordinary share capital of the Company.

pdf View or download the release 
25 January 2008 - Grant of Options PDF Print E-mail

The Company announces that, on 25 January 2008, and as disclosed in its AIM Admission Document it has established an Enterprise Management Incentive Scheme (“EMI Scheme”) and that options to purchase shares have been granted to all employees.

All the options have been granted at 228p (being the average middle-market closing price on the three days immediately preceding the date of grant). The options are not exercisable until 1 January 2011. Options were granted over a total of 286,176 ordinary shares representing approximately 0.42% of the issued share capital. The market value of the options granted is £652,481.28 out of the maximum £3,000,000 permitted under the EMI Scheme.

The grant of options included the following grants to directors: Andrew Hindle, Craig Gouws and Walter Roberts, 43,859 ordinary shares each; and Kenneth Ratcliff, Mark Abbott and Maurice Hazzard, 21,929 ordinary shares each. In each case these are the only options awarded to each director.

pdf View or download the release 
17 January 2008 - First Day of Dealing on AIM PDF Print E-mail

Portland Gas plc (AIM : PTG) (“Portland” or the “Company”) the gas storage project development company today announces the commencement of dealings in its shares on AIM following completion of the demerger from New Egdon (renamed Egdon Resources plc) which is also admitted to trading on AIM today.

Seymour Pierce Limited is the Nominated Adviser and Broker and NM Rothschild and Sons are financial advisors to Portland Gas.

Overview of Portland

Portland’s business focuses on the development of gas storage projects in the United Kingdom and internationally. It currently has two projects in its portfolio, the first an advanced Project at the Isle of Portland which has been under development for over 3 years, and the second the Larne Lough project in Northern Ireland which was announced in July 2007.

The Isle of Portland project is seeking to develop a major gas storage facility, with the creation of 14 underground storage caverns totaling 1000 mcm (35 bcf) of natural gas – equating to 1% of the UK’s annual demand.

Portland Gas has drilled and successfully appraised the salt sequence at Portland and is currently progressing through the planning, financing and tendering for construction processes. The planning application decision is expected to be made during the first quarter of 2008.

The Company is currently evaluating the potential of a Permian salt sequence in the Larne area of Northern Ireland to create salt gas storage caverns. The Company has commenced an Environmental Impact Assessment for the proposed project and has also acquired a 3D seismic programme during October and November 2007 to define the distribution and thickness of the salt within the area of interest. It is anticipated that the results of the seismic programme will be known later in the first quarter 2008.

Portland Gas plc will be led by Andrew Hindle as Chief Executive Officer with Craig Gouws (Chief Financial Officer), Walter Roberts (Legal and Commercial Director), Kenneth Ratcliff (Non-Executive Chairman), Mark Abbott (Non-Executive Director), and Maurice Hazzard (Non-Executive Director) comprising the Board.

Upon admission there will be 67,801,840 ordinary shares in issue. 

Commenting on the listing of Portland Gas on AIM, Andrew Hindle, Chief Executive Officer of Portland said:

“Portland Gas has developed a significant presence in the UK energy industry over the past 3 years, and our strategy to develop the Portland project has led to significant shareholder value creation in this time. 

“The Company is delighted to be admitted to AIM, following our demerger from Egdon, and we look forward to developing our portfolio of projects in the UK and internationally over the coming years in a sector that is rapidly becoming an important element of UK energy security.”

pdf View or download the release 

25 September 2007 - Placing of ordinary shares to fund NI project PDF Print E-mail

Egdon Resources Plc (AIM: EDR, "Egdon" or the "Company") is pleased to announce the placing of 2,325,582 new ordinary shares of 1p each at 215p per share (the "Placing Shares") to raise £5 million before expenses (the "Placing"). The Placing Shares were placed by Seymour Pierce Limited with new and existing institutional investors. Application has been made for the Placing Shares to be admitted to AIM and admission of the Placing Shares is expected to take place on 28 September. Following the Placing, the Company will have 67,791,346 ordinary shares in issue and an equivalent number of voting rights.

The net proceeds of the Placing receivable by the Company, which are expected to be £4.8 million, will provide equity capital for Portland Gas NI Limited ('Portland Gas'), a wholly owned subsidiary within the Egdon group of companies, to progress activities in its recently announced new project in Northern Ireland. Portland Gas is evaluating the potential of a Permian salt sequence in the Larne area of Northern Ireland to create caverns to store natural gas. The company has commenced an Environmental Impact Assessment for the proposed project and plan to commence acquisition of a 3D seismic programme during October to define the distribution and thickness of the salt within the area of interest.

For further information please contact:

Egdon Resources Plc
Andrew Hindle, Joint Managing Director 020 8332 1200
Mark Abbott, Joint Managing Director 01256 702 292

Buchanan Communications
Ben Willey 020 7466 5000

Seymour Pierce
Jonathan Wright 020 7107 8000 

<< Start < Prev 31 32 33 Next > End >>

Results 280 - 288 of 291