Shares digital

Portland Gas (PTG:AIM) – Interims PTP: -£0.8m (n/a) Divi: n/a (n/a)

Maiden results from the gas storage specialist, which demerged from Egdon Resources (EDR:AIM) in January, did not throw up any surprises. Good progress is being made on the Portland gas project in Dorset where estimated development costs of £500 million have not changed since the last update in February. The next key obstacle is to receive planning permission from the county council – although the first hurdle in the process was cleared when the plans were approved by the borough council. There was also an encouraging update on the Larne project in Northern Ireland – which, while only half the size of Portland, is likely to see higher storage rates.

Shares says: Planning approval looks more likely and if this is received the stock should receive a significant boost.

by: Tom Sieber