Energypathways PLC (EPP)

ORD GBP0.01

Sell: 5.10p|Buy: 5.50p|Change: 0 (0%)

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EnergyPathways stock doubles on project recognition though loss widens

(Alliance News) - EnergyPathways PLC on Friday said the UK government has agreed to grant planning consent for its gas storage project, whilst noting a wider first-half loss.

The company's shares more than doubled to 5.50 pence on Friday afternoon in London.

EnergyPathways posted a pretax loss of GBP607,201 for the six months that ended June 30, widened from GBP550,159 the year before.

The West Sussex, England-based energy infrastructure project company is yet to generate revenue. Its administrative expenses increased by 13% to GBP572,490 from GBP508,421. As of June 30, it held GBP700,000 in cash, with a further GBP400,000 raised in August, saying that its outlook depended on meeting the UK government's energy policy.

In this regard, the firm has seen "strong operational progress", reporting on Friday that the UK Department for Energy Security & Net Zero has recognised its Marram Energy Storage Hub as "nationally significant". MESH is a planned gas storage project in the UK Irish Sea.

EnergyPathways in August said it had submitted an application under section 35(1) of the Planning Act 2008. The outcome is that MESH will be treated as a development for which planning consent is required.

The firm's Chief Executive Ben Clube noted "strong operational progress" in securing contractor agreements to push MESH towards a final investment decision.

"We remain optimistic that we will obtain the requisite approvals to move MESH to the next phase in due course," Clube added.

By Holly Munks, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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