Portland Gas is now finalizing the environmental statement for the project and the planning and pipeline construction authorization applications are being prepared for submission in the fourth quarter of 2006.
Assuming planning approval for the project is forthcoming in the first half of 2007, it is anticipated that an initial storage capacity would be available to make gas deliveries to the national transmission system in the winter of 2010, with full capacity being available during 2013.
The Directors of Egdon Resources Plc are also pleased to announce that N M Rothschild & Sons have been appointed as financial advisors with specific responsibilities for Portland Gas.
Commenting on the project's progress, Andrew Hindle, Joint Managing Director of Egdon, said:
"We are delighted to be able to confirm the feasibility of a gas storage project on the Isle of Portland. The proposed facility would make a significant contribution to the storage needs and security of gas supply for the United Kingdom, with the capability when fully developed to provide up to 5% of the national gas demand on a winter's day.
The appointment of Rothschilds to assist with the financing of the project and securing storage agreements with customers is an important element of our plans to ensure that construction of the facility can commence immediately upon a grant of planning approval."
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