European funding for Islandmagee gas project

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Oil exploration and gas storage company InfraStrata is in line to receive a funding boost of up to 4m Euros for its proposed gas storage project at Islandmagee.

The scheme, which would see the creation of huge storage caverns deep under Larne Lough, has been provisionally selected for grant funding by the European Commission.

The company said the funding would be for 50 per cent of the costs associated with the front-end engineering and design process of the drilling.