REG - EnergyPathways PLC - MESH Gas Storage Licence Application

EnergypathwaysAnnouncement

19/08/2024 07:00

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RNS Number : 8734A  EnergyPathways PLC  19 August 2024

 

 

19 August 2024

 

EnergyPathways plc

 

("EnergyPathways" or the "Company")

 

Company Update

 

EnergyPathways submits Gas Storage Licence Application for its Marram Gas
field in the UK's East Irish Sea

 

EnergyPathways (AIM: EPP), an integrated energy transition company, is pleased
to report that it has submitted a gas storage licence application to the North
Sea Transition Authority (NSTA) for its planned MESH (Marram Energy Storage
Hub) project. The gas storage licence application covers an offshore area in
the UK Irish Sea that includes the Company's 100% owned Marram Gas Field.

 

The planned MESH development is a major new energy storage facility that is
expected to provide a secure and dependable supply of natural gas and green
hydrogen for the UK market for at least 20 years. Storage infrastructure of
this type helps address commodity price volatility in the local market and in
turn supports lower energy prices for consumers

 

MESH will be able to store a sufficient volume of energy to heat 2.2 million
average UK homes over winter. MESH's underground geo-storage capacity is
estimated will be ~50 billion cubic feet of gas, equivalent to the size of the
Rough facility, which is currently the UK's largest gas storage facility.

 

A number of major tier one engineering and energy companies, interested in
participating in EnergyPathways' MESH development have provided letters of
support for our gas storage licence application. EnergyPathways will be
progressing negotiations with these companies in the coming months.

 

The MESH facility has been designed as a fully decarbonised and electrified
zero emission facility to be powered by the renewable wind farms of the UK
Irish Sea region to avoid any GHG emissions from venting and flaring. The gas
produced from MESH will also have a carbon footprint emissions intensity
approximately one tenth of that of imported LNG.

 

In the longer term, MESH is designed to potentially harness the UK's excess
wind power by producing and storing green hydrogen. With wind curtailments
currently costing UK consumers over £1bn per year and set to increase to
£5bn by 2035, MESH offers a major new Long Duration Energy Solution for the
UK's expanding renewable wind sector.

 

MESH's high quality geo-storage reservoirs will have high deliverability
rates, which make them well suited to meeting the UK's increasingly
intermittent energy demand.

 

MESH, located only 11 miles from the Lancashire coast, is ideally located for
energy storage, being surrounded by 7-8GW of existing and planned offshore
wind power, near to late life reusable gas pipelines and infrastructure, and
UK's leading CCS projects. MESH is well placed to supply energy to the UK's
markets, being close to the high populated and industrial demand centres of
North-West England. EnergyPathways has identified a number of opportunities to
help bolster decarbonisation of industrial clusters and gas power generation
through the region.

 

 

Ben Clube, CEO of EnergyPathways commented, "We are delighted to have
submitted our gas storage licence application to the NSTA. As part of this the
Company has assembled a number of tier 1 energy and engineering companies that
are interested in participating in the MESH project. In reaching this
milestone for MESH, we are pleased to be bringing forward an energy transition
project that strongly aligns with the UK government's energy policy and
objectives. With the UK having some of the lowest levels of gas storage of the
world's major economies, and it becoming increasingly dependent on LNG
imports, we believe an expansion of the UK's gas storage capacity will be
vital for a dependable and secure energy supply.  In the event of being
successful with this licence application, we will integrate it into our Marram
Project development plan ahead of FID.  We look forward to updating the
market in due course."

 

Enquiries:

 

 EnergyPathways                                    Tel: +44 (0)207 466 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 (Broker)           Tel: +44 (0)20 3470 0470
 Richard Hail / Adam Cowl
 Buchanan (Financial PR)                           Tel: +44 (0)207 466 5000
 Ben Romney / Barry Archer
Email: energy@buchanan.uk.com (mailto:energy@buchanan.uk.com)

 

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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