Islandmagee Storage Project is a joint venture between Infrastrata plc  and Mutual Energy Limited.

The Islandmagee Storage Project team pictured in 2009 at a public information exhibition held in 2nd Islandmagee Presbyterian Church Hall, Lunnan Road, Islandmagee. The event attracted over 100 visitors and the team was on-hand to explain the proposals to those who attended as well as answering any questions from the public.

The proposed 500mcm (18 bcf) facility will be the largest on the island of Ireland and make a significant contribution to the security of gas supplies. The facility is being designed to inject gas at 12mcm and withdraw gas at 22mcm per day. The cost of construction has been estimated at circa £250m, including cushion gas.

Planning and Hazardous Substances Consent Applications were submitted in March 2010 to the Strategic Projects Unit of the Northern Ireland Planning Service.

Islandmagee Storage has brought on board local business owner, Judith Tweed to assist them with their strategic community development plans. Following nearly three years of consultation on their proposals, IMSL is keen to develop even stronger links with the local community in a bid to establish how funding from the proposed charitable trust may be used to the greatest effect in areas such as education, geology and the environment. Judith, who will be working closely with the Company’s PR Manager, Jacqui Thompson, will be meeting local residents over the coming months to gather feedback and ideas on possible funding initiatives.

On 29 June 2010, the Directors of Islandmagee Storage Limited (“IMSL”), announced that US gas storage developer eCORP International LLC (“eCORP”) is to make a significant investment in the project. The investment by eCORP, which is subject to final due diligence and formal agreements being put in place, would result in eCORP investing approximately £13.5 million to earn a 40% interest in the project assuming the project progresses through to full development. The investment will fund the project development costs up to the construction phase of the Islandmagee project which would include the drilling of the first cavern borehole. Following completion of the agreements, the interests of the existing partners in the project, Infrastrata plc and Mutual Energy Limited, will reduce to 39% and 21% respectively. Infrastrata, Mutual Energy and eCORP will jointly provide Islandmagee Storage Limited with technical services under an agreement in connection with the development of the project.