Strategic Assets & Road to Monetisation
Islandmagee Project Update
405
MACCHIO
PALCICE
Energy
FEED Completed.
Discharge and Abstraction License Awarded.
Marine License Awarded.
Sustained engagement with potential funding partners ongoing.
W ✓ Harland & Wolff
Strong Legal Opinion supporting the company on Judicial Review; outcome expected Q4 2022.
Strong Legal Opinion suggesting no Consent to Construct License is required.
Hydrogen economy continues to develop, however no method to commercialise hydrogen storage
exists.
Ability to undertake large scale hydrogen production does not yet exist.
Company involved in several small scale feasibility projects that will deliver value in the future.
War in Ukraine has really emphasised the need for more storage and the Governments appetite to
assist and fund projects.
Real industry expectations of "Brown" or "Black" outs due to energy shortages as supply chain is over
stretched.
Project will come back into focus after the outcome of the Judicial Review, equity providers keen to
commit subject to the JR evaluation of changing energy markets.
As the energy crisis deepens, opportunities are opening up for the company.
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