TIDMEPP
RNS Number : 3783X
Dial Square Investments PLC
20 December 2023
20 December 2023
Dial Square Investments plc
First Day of Dealings
EnergyPathways to progress 'ready to go' gas development in
support of UK's objectives for energy security and net zero
ambitions
Dial Square Investments plc (to be renamed EnergyPathways plc)
("EnergyPathways" or the "Company"), a UK focused integrated energy
transition company, is pleased to announce that, in conjunction and
simultaneously with completion of the acquisition of the entire
issued share capital and other securities of EnergyPathways Ltd by
the Company, at 8:00 a.m. today, its ordinary shares will commence
trading on AIM under the ticker EPP, with ISIN GB00BM9M0884 and
SEDOL BM9M088 . As part of the process of admission to trading on
AIM ("Admission"), the Company has raised gross proceeds of GBP2m
through the issue of 50,000,000 new ordinary shares of GBP0.01 each
at an issue price of 4 pence per share, equating to a market
capitalisation of approximately GBP6.32million on Admission.
Immediately following Admission, in accordance with the
Company's Articles, the Directors intend to pass a resolution to
change the name of the Company from Dial Square Investments plc to
EnergyPathways plc. A separate announcement will be made once the
name change has become effective.
OVERVIEW
The Directors consider EnergyPathways' key strengths to
include:
-- 'Ready to go' gas development with near-term supply
The Company's Marram Gas Project is a fully appraised gas field
in the UK Irish Sea containing up to 35.3 Bcf of undeveloped gas 2P
Reserves and 11 Bcf of 2C Contingent Resources in high-quality
reservoirs. The Marram Gas Project has potential to be developed as
a short cycle project with first production potentially as early as
2025 .
-- Low-cost development and access to infrastructure
The Marram Gas Project is a shallow water, subsea tieback
development opportunity in close proximity to existing gas and
electricity infrastructure (circa 15 -25km) that has available
capacity . The development is expected to comprise two shallow
short lateral production wells;
-- Low emission energy solution
The Marram Gas Project will produce low emission intensity gas.
New UK domestically produced gas will be able to displace higher
emission intensity LNG imports thereby reducing the UK's carbon
footprint. The Marram Gas Project has the potential to be
integrated with regional low emission energy projects, including
offshore wind generation, hydrogen hub developments and nearby CCUS
projects . The UK's leading hydrogen hub, HyNet, centred on the
Liverpool-Manchester corridor, will use the nearby depleted
Liverpool Bay gas fields to store carbon emissions from industry
and blue hydrogen production . Spirit Energy and Centrica also hope
to develop a CCUS and blue hydrogen project centred on Barrow;
-- Potential for reserves growth
EnergyPathways' internal estimates suggest that there may be up
to 2 Tcf unrisked gas resource in the UK Irish Sea region, which
has the potential to be developed in relatively short time frames
and provide the UK with increased energy security . EnergyPathways
is actively exploring opportunities to expand its resource base and
has a number of licence requests under consideration with the
Government regulator ;
-- Low technical risk
The UK Irish Sea is a proven hydrocarbon basin. The Marram Gas
Project has been fully appraised with two prior well penetrations
into it and is also covered by reprocessed 2D seismic data. This
data set provides good subsurface definition and a relatively
narrow recoverable resource range estimate;
-- Gas price outlook
Gas accounts for 43 per cent. of UK primary energy needs. By
2030 imports are expected to account for 80% per cent. of the UK's
gas demand . The UK's dependency on gas imports is expected to
increase and will influence future UK gas prices;
-- Possibility of extension of production life
There is available capacity in nearby gas infrastructure to
transport gas produced from the Marram Gas Project. Capacity is
estimated to be available until the end of the decade and this
could potentially be extended further, depending on the production
from existing and new fields in the region, as well as a number of
factors including gas price, and operating cost considerations;
and
-- Potential for energy transition opportunity
The UK Irish Sea offers potential for energy transition
developments including long duration energy storage, hydrogen
production and flexible power generation. Realisation of this
potential would help reduce the UK's carbon footprint and support
the UK's pathway to Net Zero. EnergyPathways aims to benefit from
its early mover advantage in the UK Irish Sea region .
EnergyPathways has submitted licence requests for blocks containing
the Knox, Lowry and Castletown undeveloped gas fields, all of which
all have short cycle development potential.
MANAGEMENT TEAM
EnergyPathways has a strong management team with an established
track record for value creation, operational excellence and a
commitment to a progressive ESG agenda that prioritises
environmental impact alongside the positive socioeconomic impact of
its activities.
Ben Clube, CEO of EnergyPathways, commented:
"We are delighted to have completed this reverse takeover
process and begin EnergyPathways' journey as an AIM quoted company.
We believe our company has a compelling investment proposition
based on the fundamental market drivers for domestic gas supply to
support the UK's objectives around energy security and energy
transition to net zero. Our operated Marram Gas Project is a
low-risk development with very attractive economics, and our focus
through next year will be to progress that project to FID. In
parallel we will seek to leverage our early mover advantage in our
region of focus to build a balanced portfolio of discovered gas
resources in the UK Irish Sea, an area in which we see significant
opportunities for low emission gas development as well as gas
storage.
"I'd like to thank our shareholders, both new and existing, for
their support in the fundraising process and we look forward to
repaying their faith as we deliver our strategic objectives and
generate long-term value in the process. EnergyPathways has an
exciting year ahead and we look forward to communicating our
progress to our stakeholders and the wider market."
NOTICE OF INVESTOR EVENT
Investor Presentation via Investor Meet Company: 9:30am Tuesday
16 January
EnergyPathways is pleased to announce that Ben Clube (Managing
Director) and Mark Steeves (Chairman) will provide a live
presentation relating to the Investor Presentation via Investor
Meet Company on 16 January 2024 at 9:30am GMT.
The presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via your
Investor Meet Company dashboard up until 9am the day before the
meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add
to meet EnergyPathways via:
https://www.investormeetcompany.com/energypathways-plc/register-investor
Investors who already follow EnergyPathways on the Investor Meet
Company platform will automatically be invited.
Enquiries:
EnergyPathways Tel: +44 (0)207 466
Ben Clube / Ben Hodges 5000, c/o Buchanan (Financial
PR)
Email : info@energypathways.uk
Cairn Financial Advisers LLP (Nominated Tel: +44 (0)20 7213
Adviser) 0880
Jo Turner/Louise O'Driscoll/ Sandy Jamieson
Optiva Securities Limited (Joint Broker) Tel: +44 (0)20 3137
Christian Dennis / Daniel Ingram 1903
Global Investment Strategy UK Limited Tel: +44 (0)20 7048
(Joint Broker) 9000
Callum Hill / James Sheehan
Buchanan (Financial PR) Tel: +44 (0)207 466
Ben Romney / Barry Archer 5000
Email: energy@buchanan.uk.com
For further information on EnergyPathways visit
www.energypathways.uk and @energy_pathways on X (formerly
Twitter).
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the timing and granting of
regulatory and other third party consents and approvals,
uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of
unexpected events.
Actual results achieved may vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors.
BACKGROUND
EnergyPathways is an integrated energy transition company and
plans to generate shareholder value by playing a wide role in
providing the UK with energy security and low emission energy
solutions. It is initially targeting UK gas assets, that can be
brought into production in the near term providing critical supply
to ensure domestic energy security as well as reducing the UK's
carbon footprint.
EnergyPathways holds, via its wholly-owned subsidiary
EnergyPathways Irish Sea Limited, a 100 per cent. interest in block
110/4a in Seaward Licence P2490 that contains the Marram gas field
(the "Marram Field" or "Marram Gas Project"), located 30km west of
mainland UK, and lies approximately 15-25km from existing offshore
gas infrastructure including the Morecambe gas complex in the UK
waters of the Irish Sea Basin.
The Marram Field, which was discovered in 1993, is estimated to
contain 35.3 Bcf of undeveloped gas 2P Reserves . EnergyPathways
considers the field to be a fully appraised, 'ready-to-go' gas
development asset with low sub-surface technical risk. It has
potential to be brought into production in a relatively short cycle
time, due to its shallow water location and its potential to be
tied-in to nearby existing infrastructure that has available
capacity .
EnergyPathways' proposed development plan for the Marram Gas
Project comprises two sub-sea horizontal wells and a tie back to
the existing infrastructure. The Company hopes the project will
generate high rates of return and a prompt payback. EnergyPathways
is targeting first production from the Marram Gas Project in
2025.
The Directors consider that natural gas will be a bridging fuel
in the UK energy transition to net zero and that natural gas will
have a critical role to play in the UK's energy market for decades
to come. Gas power generation is set to have a critical role in
providing flexible energy supply as intermittent renewable wind
energy generation in the UK increases. It is the Director's view
that a successful development of the Marram Gas Project can supply
low emission gas to the UK making a favourable contribution towards
reducing UK's carbon footprint as well as providing energy security
to the UK.
EnergyPathways' internal estimates suggest that there may be up
to 2 Tcf gas potential in the UK Irish Sea region. The Company
believes these resources have potential to be developed in
relatively short time frames and provide the UK with increased
energy security and low emission energy supply. EnergyPathways is
actively exploring opportunities to expand its resource base and
has a number of licence requests under consideration with the
Government regulator.
The UK Irish Sea region is ideally suited for integrating
undeveloped UK gas resources with the co-located clean energy
technologies and assets of the region to provide reliable, secure
and affordable low emission energy supply. The UK Irish Sea region
contains major renewable wind generation capacity, reservoirs
suited to natural gas and hydrogen energy storage and CCUS and
existing energy infrastructure , and the UK's leading hydrogen hub
development is nearby which will be driven initially by using gas
feedstock, gas reforming technologies and CCUS.
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END
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Dial Square Investments (LSE:DSI)
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