REG - SIMEC AtlantisEnergy - Reporting timetable change and Company update

SIMEC Atlantis EnergyAnnouncement

29/06/2020 07:00

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RNS Number : 2911R  SIMEC Atlantis Energy Limited  29 June 2020

The information contained in this announcement is inside information under the
Market Abuse Regulation (EU) No 596 / 2014. The person responsible for
arranging the release of this announcement on behalf of SIMEC Atlantis Energy
Limited is Tim Cornelius, Chief Executive Officer of SIMEC Atlantis Energy
Limited.

 

29 June 2020

 

SIMEC ATLANTIS ENERGY LIMITED

("Atlantis", the "Company" or the "Group")

Reporting timetable change and Company update

SIMEC Atlantis Energy Limited, the global developer, owner and operator of
sustainable energy projects, is today providing confirmation that the
Company's reporting deadline for the publication of its 2019 annual audited
accounts has been extended to 30 September 2020 (further to 'Inside Aim:
Coronavirus - Temporary measures for publication of annual audited accounts').

The Group expects to announce its 2019 Full Year Results and publish its 2019
Annual Report and Financial Statements between the 7(th) and 14(th) August
2020. Announcements regarding the exact timing of the results and the
Company's AGM, which will now be held virtually, will be made in due course.
The Group's cash and cash equivalents as at 26(th) June 2020 are £9.4m.

 

General operational update

As the COVID work restrictions continue to ease country wide, we continue to
see minimal disruption to our tidal business. The MeyGen project passed a
significant production milestone recently of 30GWh having been exported to the
grid.  We received confirmation that the Prefecture de la Manche has approved
the transfer of the lease to develop a 12MW tidal power project in Raz
Blanchard from ENGIE to Normandie Hydroliennes, of which we own 51%. We
continue to make good progress with our contractual commitments to deliver
turbines, a subsea hub and services to our clients in Japan and Scotland this
year.

The Green Highland Renewables ("GHR") Operations & Maintenance business
has continued throughout the COVID-19 pandemic period to monitor the hydro
schemes from our operations centre in Scotland.   Our team of engineers have
managed to continue relatively unaffected throughout this period, while
maintaining appropriate social distancing measures, and client schemes have
remained operational throughout. The three hydro projects which GHR has under
construction, and which were suspended in accordance with the initial
government guidance, have re-opened and are progressing well in accordance
with current government policies. The commissioning timescales for these
projects remain in line with expectations.

The Uskmouth Power Station combustion system design contract, which was
awarded to Mitsubishi Hitachi Power Systems Europe GmbH in October 2019, is
ongoing and remains on-schedule to be completed this summer.  Updates were
recently provided to the market in relation to the successful completion of
fuel burn trials with Mitsubishi Hitachi Power Systems in Japan.  The
application for the conversion's permit variation for the new fuel was
submitted to Natural Resource Wales in December 2019 and the planning public
consultation completes on 29 June 2020. In accordance with revised Welsh
legislation, this consultation is being held online. Further updates on
revised timelines to financial close will be provided to the market when
available.

As noted in previous reports, the team of essential engineering, safety and
security staff have been maintained to look after all critical infrastructure
at the Uskmouth site in readiness for future operation. This includes the
132kV banking station along with the station's 393MW of generating station
assets. The Company intends to convert the first two units, comprising 220MW,
on a phased basis as part of the planned Conversion project, while the option
to convert the third unit remains available at a later stage.

 

For more information, please contact:

 

 SIMEC Atlantis Energy Limited                          Tel: +44 (0) 7739832446

 Sean Parsons, Director of External Affairs

 Investec Bank plc (Nominated Adviser and Sole Broker)  Tel: +44 (0) 20 7597 5970

 Jeremy Ellis

 Sara Hale

 Ben Griffiths

 FTI Consulting                                         Tel: +44 (0) 20 3727 1000

 Ben Brewerton

 Caroline Cutler

 Chris Laing

 

SIMEC Atlantis Energy

SIMEC Atlantis Energy is the global developer, owner and operator of
sustainable energy projects with a diverse portfolio in various stages of
development. This includes a 77% stake in the world's largest tidal stream
power project, MeyGen,100% ownership of the 220MW Uskmouth power station
conversion project and 100% ownership of Green Highland Renewables, a leading
developer of mini-hydro power projects.

www.simecatlantis.com (http://www.simecatlantis.com)

 

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