SIMEC Atlantis Energy Limited Reporting timetable change and Company update (2911R)
29 Giugno 2020 - 8:00AM
UK Regulatory
TIDMSAE
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 GBP9.4m.
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 Tel: +44 (0) 20
Sole Broker) 7597 5970
Jeremy Ellis
Sara Hale
Ben Griffiths
FTI Consulting Tel: +44 (0) 20
Ben Brewerton 3727 1000
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
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