Portland Gas’ share price jumped significantly after comments from Seymour Pierce. Portland Gas, an independent UK gas storage developer, is planning to build one of the UK’s largest gas storage facilities in Upper Osprey on the Dorset coast. The project will cost circa £500 million and construction could start as early as July 2009.
Analyst Alan Sinclair said the proposed Portland project was a “very attractive asset” given the shortage of underground gas storage in the UK. “Whilst the first round of funding fell foul of the credit crunch, we think that the outlook is improving,” he added.
Calculus Capital has provided funding for Portland Gas and currently holds 2.13% of the company in several of its EIS and VCT funds.
