Petroleum exploration and gas storage firm Infrastrata has acquired an additional 25% stake in Islandmagee Storage Limited (IMSL), the developer of the gas storage facility in Northern Ireland.

Following the acquisition, Infrastrata will own 90% of the firm with Moyle holding 10%.

Andrew Hindle, CEO of InfraStrata said: "InfraStrata represents the only AIM-listed company with a focus on gas storage and this focus, and the importance of the project, has never been greater as we look to complete funding for a FEED and commercialisation process. There has been much reporting recently in the press about the potential for a structural change in the gas storage market partially due to the reduction of capacity at the Rough facility, which accounts for approximately two-thirds of UK storage capacity. Management believe that there has not been a better rationale for investing in gas storage for a number of years and the importance of new modern facilities to provide the necessary security. The acquisition of the additional interest in Islandmagee Storage Limited is part of a strategy for a focus of management resources on the successful delivery of maximum value from the project to InfraStrata's shareholders."

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(CD/LM)