REG - EnergyPathways PLC - Company Update re Gas Storage Licence Application

EnergypathwaysAnnouncement

05/06/2024 07:00

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RNS Number : 0973R  EnergyPathways PLC  05 June 2024

5 June 2024

 

EnergyPathways plc

 

("EnergyPathways" or the "Company")

 

Company Update

 

EnergyPathways plc (AIM: EPP), an energy transition company, is pleased to
provide the following update on its plans to deliver clean, home-grown energy
for the UK, based around its principal project at the Marram gas field (the
"Marram Project") in the East Irish Sea.

 

EnergyPathways is pleased to report that, following the North Sea Transition
Authority ("NSTA") publishing, on 29 May 2024, a notification for Gas Storage
applications for an area that includes the Marram Project, it has formally
confirmed with the NSTA its interest and intention to make an application for
a Gas Storage Licence in the area.

 

As previously announced, the Company has also submitted "Out of Round"
licence application requests to the NSTA in relation to two prospective
gas storage areas that incorporate the "development ready" Knox and Lowry
gas fields that, like Marram, offer prospective gas storage potential. EPP
believes there is a compelling future commercial opportunity to integrate all
three potential gas storage projects as the natural follow on from developing
the Marram Project and where we see significant benefits in integrating them
all at an early stage into EPP's wider growth plans to develop a UK Irish Sea
energy storage project - as described in the Company's announcement dated 16
May 2024.

 

Commenting on the update, CEO Ben Clube said:

 

"We are pleased to have confirmed our interest with the NSTA for a Gas Storage
Licence area covering the Marram Project. We believe that our technical
operating experience, coupled with our commitment to environmental stewardship
and strategy to transform EnergyPathways into an effective integrated energy
transition company, positions the Company well in this application process. We
continue to maintain an active and constructive engagement with all relevant
authorities as we seek to convey how this gas storage potential fits
naturally alongside the Marram Project and our longer-term vision to develop
energy solutions that will support many key elements of UK energy policy.

 

"We look forward to updating the market as and when we discover the outcome of
these production and storage licence applications that will allow EPP to
realise the potential opportunity of the UK Irish Sea energy storage project."

 

 

The Directors of the Company are responsible for the release of this
announcement.

 

 

Enquiries:

 

 EnergyPathways                                        Tel: +44 (0)20 7466 5000, c/o Buchanan (Financial PR)

Ben Clube / Ben Hodges

                                                     Email : info@energypathways.uk

 Cairn Financial Advisers LLP (Nominated Adviser)      Tel: +44 (0)20 7213 0880
 Jo Turner / Louise O'Driscoll / Sandy Jamieson
 SP Angel Corporate Finance LLP (Joint Broker)         Tel: +44 (0)20 3470 0470
 Richard Hail / Adam Cowl
 Optiva Securities Limited (Joint Broker)              Tel: +44 (0)20 3137 1903
 Christian Dennis / Daniel Ingram
 Global Investment Strategy UK Limited (Joint Broker)  Tel: +44 (0)20 7048 9000
 Callum Hill / James Sheehan

 Buchanan (Financial PR)

                                                     Tel: +44 (0)20 7466 5000
 Ben Romney / Barry Archer

 

For further information on EnergyPathways visit www.energypathways.uk and
@energy_pathways on X (formerly Twitter).

 

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or
anticipated future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and uncertainties, such
as general economic, market and business conditions, competition for qualified
staff, the regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political jurisdiction,
uncertainties regarding the results of exploration, uncertainties regarding
the timing and granting of prospecting rights, uncertainties regarding the
timing and granting of regulatory and other third party consents and
approvals, uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of unexpected
events.

 

Actual results achieved may vary from the information provided herein as a
result of numerous known and unknown risks and uncertainties and other factors

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